Perak Transit Plans Share Buyback; Shares Soar 23%
Integrated public transportation company Perak Transit (KLSE:PTRANS) plans to buy back its shares, according to a Thursday filing with the Malaysian bourse.Shares of the company jumped nearly 23% in Friday's midday trade.The company said its latest net assets stood at about 0.73 ringgit per share, compared with a market price of around 0.17 ringgit, implying the stock was trading at a roughly 77% discount to net assets.Perak Transit said the buyback is intended to enhance earnings per share, deploy capital efficiently and complement its dividend policy.The company said it is also repositioning its transit terminals into lifestyle and commercial hubs while expanding into the wholesale, retail and e-commerce of fast-moving consumer goods to diversify recurring revenue.
