KUALA LUMPUR: Sarawak-based shipping company, Hubline Bhd's share price jumped as much as 100 per cent to eight sen in morning trade, making it the most active stock on the market with 219 million shares changing hands.
It settled 75 per cent higher at seven sen at midday, giving it market capitalisation of RM300 milion.
In May, Hubline said it was in talks with state-owned equity firm Ekuiti Nasional Bhd (Ekuinas) for the potential acquisition of Orkim Sdn Bhd.
Ekuinas owns 95.5 per cent of Orkim, a shipowner that specialises in energy transportation.
Hubline's net profit eased to RM836,000 from RM970,000 in the second quarter ended March 31, 2024 while revenue for the quarter rose RM51.67 million compared to RM46.90 million in the same quarter of the preceding year.-ends-