Oil and gas company KNM Group Bhd’s shares were among the most actively traded on Bursa Malaysia yesterday with about 7.1 million shares changing hands. The stock shed 15 sen, or 2.7%, to close at RM5.60.
Excitement surrounding KNM could stem from a number of factors, including its bonus issue announcement. The exercise involves the issue of 2.6 billion shares with a par value of 25 sen, on the basis of two bonus shares for each existing KNM share.
KNM had also seen heightened activity on Tuesday when about 17.1 million shares were traded, with the stock closing 15 sen down as well.
Tuesday’s trading pattern was unusual, to say the least. Checks on Bloomberg revealed that several large blocks of more than half a million shares each were traded off-market at RM5.85 apiece.
This occurred during a 10-minute span with about 22 blocks of around 500,000 shares each crossing in the later part of the morning. Dealers said the large volumes of shares were matched through the market.
Announcements to Bursa Malaysia, meanwhile, show that funds Boston-based FMR LLC and Bermuda-based FIL Ltd had been actively trading in the company’s shares. The two funds collectively control 10.6% or 139.8 million shares of KNM.
For the first three months of its financial year ending Dec 31, 2008, KNM posted a 41.2% jump in net profit to RM54.1 million on the back of a 26.3% rise in revenue to RM331.2 million.
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