London Biscuits' trading volume surges for fourth consecutive day

KUALA LUMPUR (Jan 16): The surge in London Biscuits Bhd's trading volume continued for the fourth consecutive day this week, making it one of the most actively traded counters on Bursa Malaysia this morning with 33.29 million shares done.

This is also the sixth consecutive trading day that its volume spiked over 30 million in a single day, versus its five-day average volume of 70.87 million.

The swell in volume today came after the High Court granted a winding-up order against London Biscuits' wholly-owned subsidiary Kinos Food Industries (M) Sdn Bhd for not being able to pay a RM5.003 million outstanding sum owed to Desa Potensi Sdn Bhd, as announced in a bourse filing yesterday.

It is also interesting to note that the volume traded for the first half of today's trading session is higher than its three-month average volume of 9.57 million. On Monday (Jan 13), the stock recorded an all-time high trading volume of 122.12 million shares.

At the noon break today, the counter was down one sen or 40% at 1.5 sen, valuing the company at RM4.36 million. Over the past year, the counter plunged some 97% from 53.6 sen.

It was also previously announced that London Biscuits' share trade will be suspended from Tuesday (Jan 21) onwards, until further notice.

Read also:Supplier granted court order to wind up London Biscuit’s unit that defaulted on RM5m loan