KUALA LUMPUR (Sept 13): China-based shoemaker K-Star Sports Ltd surged 11.76% on active buying, after it proposed a private placement issuance of up to 26.6 million shares to raise RM2.24 million. At 10.51 a.m., it rose one sen to 9.5 sen, with 4.5 million shares transacted, for a market capitalisation of RM25.3 million. On Friday, K-Star said the placement shares represent 10% of its existing 266.4 million issued and paid-up shares that would be issued to independent third party investors to be identified. The surge is most likely due to that sentiment,” he said. K-Star said the gross proceeds would be utilised for its general working capital, within the next 12 months.

Source: The Edge Markets September 13, 2016 03:33 UTC