LPI ... Jul10

KUALA LUMPUR: Shares of LPI CAPITAL BHD [] advanced in early trade on Friday, July 9 after it reported a stronger set of earnings and proposed a corporate exercise.

At 9.13am, it was up 22 sen to RM16.50 with 48,700 shares done.

The FBM KLCI rose 0.46 of a point to 1,316.49. Turnover was 23.3 million shares done valued at RM15 million. Gainers led losers 68 to 34 while 81 stocks were unchanged.

LPI posted net profit of RM26.44 million in the second quarter ended June 30 versus RM22.74 million a year ago. It also declared an interim dividend of 10 sen per share.

The company proposed a bonus issue of up to 69.36 million new shares on a one for two basis and also a proposed renounceable rights issue of up to 13.87 million new rights shares at an issue price of RM7 per rights share.

The rights shares will be on the basis of one rights share for every 10 existing LPI shares held.