3 days ago
- Business
- New Straits Times
Sersol share volume hits three-year high as price doubles
KUALA LUMPUR: ACE Market-listed chemical manufacturer Sersol Bhd saw trading heat up sharply, with 41 million shares changing hands, its busiest single-day volume in more than three years since Jan 10, 2022.
The penny stock, which had been on the ropes in recent months, opened flat at 1.5 sen, surged to a morning high of four sen and was up twofold at three sen by the midday break.
At that price, the company is valued at RM16.46 million. It was the second most actively traded counter on Bursa Malaysia.
Sersol, which coats plastic and metal for the electronics and electrical sector, had been drifting between two sen and three sen since late May, after sliding to an all-time low of 1.5 sen on Aug 6.
Year-to-date, the stock is still down 68.42 per cent from 9.5 sen in January.
On July 28, Sersol announced the termination of its chief financial officer (CFO) effective Aug 1, citing "management restructuring". Two days later, it named its finance manager as replacement.
On Aug 7, it corrected the record, saying the CFO had resigned, calling the earlier notice an "internal communication error". No reason was given for the eight-day delay in clarification.
Meanwhile, Morgan Stanley & Co International plc, via Mitsubishi UFJ Financial Group Inc, sold 6.94 million shares in the same period, cutting its stake from 6.22 per cent to 5.27 per cent.
The developments come as Sersol readies its unaudited full-year results for the year ended June 30, 2025 — its first since changing its financial year-end from December to June.
