K-Star Sports extends decline in active trade

KUALA LUMPUR: Shares of K-Star Sports Ltd extended their losses in late morning on Thursday, Dec 2 after hitting limit-down on Wednesday in the absence of negative news.

At 11.41am, it was down three sen to 54 sen with 15.5 million shares done.

The FBM KLCI rose 12.18 points to 1,497.60. Turnnover was 427.83 million shares done valued at RM679 million. Gainers beat decliners 410 to 197 while 272 stocks were unchanged.

K-Star, in response to a query from Bursa Malaysia Securities on Wednesday, said it was not aware of the unusual market activity in relation to the sharp fall of prices of the shares.

The company said it on Nov 26 announced a proposed sponsorship of a Depository Receipts Programme in Taiwan.

It had also proposed to issue up to 75.60 million new shares in K-Star, at an issue price to be determined later, which would be part of the underlying shares for the Taiwan Depository Receipts (TDRs) to be issued and alloted in Taiwan in connection with the proposed TDR programme.

K-Star had proposed to offer up to 24.40 million existing shares, at an offer price to be determined later, by certain existing shareholders of K-Star.(The Edge Online Malaysia)