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The Edge Malaysia - GD Express Share, Warrant Rise Sharply Possibly On Institutional Buy

Sep 30, 2013

By Surin Murugiah

KUALA LUMPUR (Sept 30): The shares and warrants of courier firm GD EXPRESS CARRIER BHD were among the top gainers in morning trades, against the flow of the lower broader market. The stock could possible be in the limelight after the counter's listing was transferred to the Main Market of Bursa Malaysia Securities from the ACE Market last month, said a company official. At 11.38am, GD Express rose to its highest in seven months. It gained 16 sen or 5.6% to RM3.03 with 289,000 shares done, while its warrants jumped 21 sen or 10% to RM2.32 on trades of 19,900 units. The company's managing director Teong Teck Lean, in a text message reply to theedgemalaysia.com, said while there were no new material corporate developments, he believes some institutional funds are beginning to accumulate GD Express shares, "as they can now invest in us as we are in the Main Market."

"GD Express has no institutional funds as shareholder,earlier," he added.

The top three shareholders in GD Express are GD Express Holdings Sdn Bhd with 30.89%, Singapore Post Ltd with 27.08%, and GD Holdings International Ltd with 10.17%. For the financial year ended June 30, 2013, GD Express posted net profit RM13.62 million, compared to RM8.74 million a year earlier, on the back of revenue RM135.15 million, from RM116.32 million a year earlier.