KUALA LUMPUR: Shares of Formosa Prosonic Industries Bhd (FPI) surged to a three-month high in active morning trade after its group managing director Shih Chao Yuan emerged as the largest shareholder.
The audio-system maker climbed as much as 20 per cent, opening 29 sen higher at RM1.74 from RM1.45 and later inching up to RM1.75, up 20.69 per cent.
At the time of writing, 5.79 million shares had changed hands, its busiest session since February 2023, placing it among the most actively traded stocks on the exchange.
A Bursa Malaysia filing yesterday showed that Shih, together with his wife Wu Swee Ngor and private vehicle Formosa Prosonic Holdings Sdn Bhd, acquired 62.86 million shares or 24.5 per cent from Taiwan-based Wistron Corp via a direct business transaction on Sept 12.
Year-to-date, the stock remains down 37.5 per cent or RM1.05 from its Jan 2 opening of RM2.80, having traded between RM2.86 and RM1.21. At current price, the company is valued at RM423.33 million.
FPI, manufactures speaker systems and audio components, including plastic mouldings, wooden enclosures, transducers and printed circuit board assemblies.
The group operates plants in Port Klang and Sungai Petani, with a design and sales office in Taipei, supplying customers in consumer electronics, musical instruments and automotive audio.
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