KUALA LUMPUR (Nov 11): Shares of food & beverage group Oversea Enterprise Bhd saw a volume spike on Thursday with its trading volume rising to 35.13 million.

The small-cap counter was the day's fifth most actively traded on the local bourse, while its warrant remained unchanged at three sen apiece with 3.21 million warrants changing hands.

Oversea's share price rose as much as 2.5 sen or 26.32% to 12 sen in morning trade, before paring gains to 10 sen, still up 0.5 sen or 5.26%.

Oversea is in the business of operating food service outlets, manufacturing and wholesale of confectionery, and trading of general and food products. It operates in Malaysia, Hong Kong and Taiwan.

The group has had a flurry of corporate exercises since August last year, when it underwent an unsuccessful mandatory takeover attempt at 30 sen per share by Anzo Holdings Bhd managing director Datuk Chai Woon Chet.

Subsequently, the group also raised RM17.46 million by selling 48.5 million new shares in February 2021, undertook a 1-for-3 share split and the issuance of free warrants on the basis of two warrants for every share in March earlier this year.

More recently, the group passed yet another corporate exercise on Nov 1 which included a private placement of 396.38 million shares and the issuance of 1.72 billion renounceable rights shares to raise up to RM131.24 million, as well as the issuance of new 572.55 million warrants B on the basis of one warrant for every three rights shares.