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Hiap Teck shares rise 5% after loan stock conversion announcement

Mimi Sabreena 4:50:00 PM Informasi

KUALA LUMPUR (July 3): Shares in Hiap Teck Venture Bhd rose by as much as two sen or 5.13% after the steel manufacturer announced its plan to convert its loan stocks to ordinary shares.

The counter opened at 38.5 sen today and shot up to 41 sen within an hour before paring down its gains to 40 sen by 3pm. This gives Hiap Teck a market capitalisation of RM519.22 million.

The stock was heavily traded, with 33.08 million units changing hands, equivalent to 2.55% of its share capital.

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