After Umno’s exit, Utusan shares spike 126%

PETALING JAYA: Shares in Utusan Melayu (Malaysia) Bhd rose sharply in today’s trade, surging from 11 to 26 sen, or 126%, with 928,000 shares traded as at noon today.

It comes just two days after the company, which publishes the Utusan Malaysia Malay-language daily, announced that Umno was letting off its stake in the company.

Utusan chairman Abdul Aziz Sheikh Fadzir emerged as the single largest shareholder in the company when he acquired a 31.6% stake on Friday.

A Bursa Malaysia filing showed he acquired the stake, comprising 35 million shares, at 19 sen each for a total consideration of RM6.65 million.

He had not owned any shares in the company prior to the acquisition.

Utusan was classified as a Practice Note 17 (PN17) company on Aug 20 last year due to its dire financial position.

The company had said it was in the midst of formulating a regularisation plan to address its PN17 status.