KUALA LUMPUR: Shares of poultry-based Lay Hong Bhd surged as much as 35 sen to RM1.54 in early trade on Tuesday, Aug 24 following the recent corporate developments with the entry of QL Resources as its new major shareholder.

London Biscuits Bhd (LonBisc) announced late Monday that it had disposed of its entire stake in the Lay Hong.

“This disposal will allow the company to realise its investment in Lay Hong and the proceeds will increase the company’s cash and bank balance position,” it said.

While LonBisc did not disclose the name of the buyer, The Edge FinancialDaily reported that QL Resources had acquired 11 million shares or 23.29% of Lay Hong in an off-market transaction.

Lay Hong’s principal activities include poultry farming, poultry processing and marketing, liquid egg processing and organic fertiliser processing.