GEORGE TOWN (Oct 15): Hardly traded Ecofirst Consolidated Bhd sees a sudden surge in interest with trading volume soaring to 39.6 million shares in the morning trading session.

The stock price increased three sen, 10.71%, to a four-month high of 31 sen, before it retreated to close at 27.5 sen at the noon break, down 0.5 sen.

The property company announced a proposed renewal share buyback scheme on Tuesday.   

Meanwhile, the filing to Bursa Malaysia shows that the company’s managing director Datuk Tiong Kwing Hee has accumulated more shares in Ecofirst.

On Oct 8, Tiong, who is also the chief executive officer for Ecofirst, acquired 3.8 million shares, which represented 0.52% of the total issued capital of the company, through via direct business transaction.

Tiong has been gradually increasing his interest in the company since last year, and now owns the largest stake at 16.075% while Teoh Seng Kian, who is the alternate director to the president, owned 12.86% as at Sept 11, 2015.

In its annual audited report for the financial year ended May 31, 2015, the group reported a 80% drop in net profit to RM6.04 million on the back of a revenue of RM81.2 million that was 232% higher compared to last year.

The company is involved in property investment and management such as commercial-retail shopping malls and development, announced a proposed renewal share buyback scheme on Tuesday.

Ecofirst also undertakes construction works, operates a biotechnology-based organic farm at Desaru, Johor, and conducts iron ore mining in Indonesia. --

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