KUALA LUMPUR (Aug 3): Medical equipment manufacturer LKL International Bhd soared to a record high today as personal protective equipment (PPE)-linked counters continued to attract investor interest.
The counter surged by 22.29% to hit RM1.07 in morning trade.
However, its share price pared some of the gains to settle at RM1.05 at 11.15am, which was still a 15.5 sen or 17.71% increase, valuing the company at RM422.37 million.
By the mid-morning, LKL International had already garnered a trading volume of 128.08 million, much higher than its 200-day average of 19.53 million, making the counter the second most active on Bursa Malaysia.
Year to date, its share price had swollen by more than six times from 14.5 sen.
The company, which is principally involved in manufacturing hospital beds, has ventured into PPE production with the onset of the Covid-19 pandemic, securing multiple contracts from the Sarawak state government to supply PPE to the state’s hospitals.
More recently, LKL International announced a private placement exercise to raise up to RM45.45 million to fund its capital expenditure and expansion.