KUALA LUMPUR: Bus Cap Bhd shares surged more than 14 per cent, rising 12 sen to 96 sen, as the bus manufacturer extended its gains amid renewed buying interest.
The counter opened at 83 sen before climbing up to 97 sen, with about 4.75 million shares changing hands as at 10am.
At its latest price, Bus Cap has gained 73 sen, or 317.4 per cent, from its initial public offering (IPO) price of 23 sen, putting it more than four times above its listing price.
The stock made its debut on Bursa Malaysia’s ACE Market on June 3, opening at 26 sen before closing its first trading day at 31.5 sen.
Its public IPO tranche was oversubscribed 72.24 times.
The latest rally follows a volatile run in October, when Bus Cap shares surged to a record intraday high of RM1.26 on Oct 14 before closing at RM1.22.
The sharp rise prompted Bursa Malaysia Securities to issue an unusual market activity (UMA) query, asking the company whether undisclosed corporate developments, rumours or other factors could explain the movement.
In its Oct 15 response, Bus Cap said it was unaware of any unannounced material corporate developments or rumours that could account for the unusual trading activity.
However, it acknowledged that certain matters were under discussion or negotiation, adding that announcements would be made when the matters became more definitive or were finalised.
One potential point of investor interest is the group’s recent strategic collaboration with Starcharge Energy Sdn Bhd.
On Oct 20, Bus Cap entered into a memorandum of strategic collaboration with Starcharge Energy to explore opportunities in electric vehicle (EV) charging station infrastructure, technical support, installation and maintenance services, as well as potential localisation initiatives in Malaysia.
The proposed collaboration could give Bus Cap an avenue to expand beyond its core bus manufacturing business into the wider EV ecosystem.
However, the financial impact remains uncertain as the parties explore the proposed opportunities, and there is no confirmation that the MoU is responsible for today’s share-price gains.
The major shareholders of the company include NCS Consolidated Holding Sdn Bhd, which holds a 67 per cent stake and is linked to managing director Ng Chai Sing and his family.
Wawasan Sutera Travel & Tours and Aerobus Malaysia managing director Datuk Lee Sing Gee also held a 5.52 per cent stake following the company’s listing.
Bus Cap reported revenue of RM46.23 million and net profit of RM4.6 million for the six months ended June 30, 2026, supported by higher sales of semi-high-deck and single-deck buses.