ALCOM rises to almost four-year high, among top gainers on proposed renewal of authority to buy back shares

KUALA LUMPUR (April 12): Aluminium company ALCOM Group Bhd saw its share price jump to the highest in almost four years today after it proposed to renew its authority to purchase its own shares.

As at 3.06pm, ALCOM — the seventh top gainer — had climbed 23.6% or 21 sen to RM1.10, with some 9.06 million shares exchanging hands. In comparison, its 200-day average volume was only about 186,733 shares.

The stock had soared 84.8% from 59.5 sen on Dec 31 last year.

Meanwhile, the company’s market value stood at RM147.76 million.

Last Thursday, the group announced in a bourse filing that it intends to seek shareholders’ approval for the proposed renewal of authority for the company to purchase its own shares in its forthcoming annual general meeting (AGM). The stock closed at 78.5 sen after the announcement.