Harbour-Link share price soars to highest level in a decade
KUCHING: Harbour-Link Group Bhd’s share price has soared, rising to its highest level in a decade.
The strong rally pushed the Bintulu-based total logistics service provider to intra-day high of RM1.35 yesterday, the level last seen in 2004.
Year-to-date, Harbour-Link has gained nearly 60% from last year’s close of 86 sen. Last week alone, it added 25 sen to RM1.27 with light volume of 3.5 million shares.
Its market capitalisation has jumped to over RM240mil from RM156.5mil at end-2013.
It is unknown why low profile Harbour-Link has attracted much investor interest in recent weeks as the company has not announced any major corporate development, other than that its wholly-owned subsidiary Harbour-Link (M) Sdn Bhd was selling a 30% stake in HLG Engineering Sdn Bhd for RM300,000.
Last Thursday, the company appointed chartered accountant Bin Lay Thian as an independent and non-executive director. Bin is currently senior general manager (finance) in Econpile (M) Sdn Bhd, according to Harbour-Link’s filing with Bursa Malaysia.
Two company directors Hii Kwong Wui and Lau Sii Hin had acquired an additional 300,000 shares (priced between 85.7 sen and 87 sen each on Jan 20 and 21) and 153,000 shares ( 85.5 sen each on Jan 8) respectively in the open market.
According to Harbour-Link group managing director Yong Piaw Soon, the group’s future business growth would be supported by new opportunities created under the Government Transformation Programme and Economic Transformation Programme.
“The group will continue to benefit from the economic activities generated by the inflow of foreign direct investments into Sarawak Corridor of Renewable Energy (SCORE) and the Sabah Development Corridor.
“The initiatives by the Government to boost the country’s petroleum sector especially with projects focused on developing the global oil trading and storage business, such as refinery and petrochemical integrated development in Pengerang, will also support the future growth of the group,” he said in the company’s 2013 annual report.
Yong said the group would continue to give priority to maintain a strong balance sheet to ensure it was well positioned to face future challenges and take advantage of new opportunities.
Harbour-Link group is involved in shipping and total logistics services, engineering and construction activities, with its footprint extends across the intra-Asian region.