(Updated)

Clothes retailer Padini spikes to highest in two months after EPF upped stake

Clothes retailer Padini spikes to highest in two months after EPF upped stake
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KUALA LUMPUR (Jan 6): Padini Holdings Bhd’s share price rose over 3% to its highest level in about two months on Thursday after the Employees Provident Fund (EPF) raised its stake in the clothes retailer.

The stock opened at RM2.91 and rose gradually to reach a peak of RM3.03 before paring gains to finish at RM3, for a gain of nine sen or 3.09%, with 495,500 shares transacted.

The rise in the share price lifted the company’s market value to RM1.97 billion.

Prior to Thursday, Padini last touched RM3.03 on Nov 10 last year.

On Wednesday, the EPF upped its stake in Padini to 5.76% or 37.91 million shares after acquiring 37,500 shares in the company.

Padini slipped into the red with a net loss of RM16.86 million for its first quarter ended Sept 30, 2021, compared with a net profit of RM20.72 million a year earlier, as a majority of its outlets were closed during the Full Movement Control Order between June 1 and Aug 18.

Quarterly revenue dropped sharply to RM81.38 million from RM310.72 million.

S Kanagaraju