KUALA LUMPUR: Cape EMS Bhd was the most actively traded stock after a financial weekly reported a possible purchase of its stake by Ekuiti Nasional Bhd (Ekuinas).
As at 11am, its share price rose as much as 9.68 per cent or three sen to 34 sen compared to its closing price of 31 sen on Friday.
Year-to-date, the company's share price has dropped 68.22 per cent or 73 sen.
The report said that Cape EMS chief executive officer and managing director Christina Tee Kim Chin declined to comment on the matter citting a "lock-in period" ahead of board of directors meeting on November 19.
Tee has been reducing her stake in the company for the past months, from 38.05 per cent to 11.13 per cent.
She remains as the company's single largest shareholder.
The Employees Provident Fund also reduced its stakes in Cape EMS in August, to 4.44 per cent from 5.04 per cent.
Cape EMS' share price has been on a downtrend.
It hit an all-time low of 31 sen last Friday bringing its market capitalisation to RM307.52 million.
For its second quarter ended June 30, 2024, the company's net profit plunged to RM8.7 million from RM15.16 million in the same period last year.