Published: Thursday August 2, 2012 MYT 10:59:00 AM
Multi-Code falls after share price surge
KUALA LUMPUR: Multi-Code Electronics Industries (M) Bhd's share price fell on Thursday, giving up about half of its previous day's gains as investors were quick to take profit.
At 10.43am, it was down 18 sen to RM1.42. There were 1.91 million shares done.
The FBM KLCI rose 0.79 of a point to 1,633.26. Turnover was 401.18 million shares valued at RNM277.56mil. There were 211 gainers, 274 losers and 253 counters unchanged.
On Wednesday, the share price surged 38 sen to RM1.60 after the Kuala Lumpur High Court ruled in favour of the company against 11 defendants, including its former directors.
The company will stand to record a contribution of about RM44.19mil to net profit after tax in its financial year ending July 31, 2013 from this court judgment.
"Subject to the execution of the judgment and on the full recovery of the judgment sum awarded to the company and its subsidiary, the financial effects of this judgment on the group (are a) contribution of 99.5 sen to earnings per share and (an) increase of 99.5 sen in net assets of the group," it told Bursa Malaysia.
Multi-Code, which is the plaintiff, said the court had made its decision against the defendants including inter alia, fraud, conspiracy to defraud, breach of fiduciary duty and director's duties.