KUALA LUMPUR (June 10): Hubline Bhd (KL:HUBLINE) saw the highest jump in a day and emerged as the most active counter on the stock exchange in Monday's morning trade.

Hubline climbed as much as 77.8% or 3.5 sen to eight sen, its highest since August 2020. The stock closed at seven sen on Monday, valuing the company at RM300.3 million, after 2.44 million shares changed hands.

The Sarawak-based shipping company has risen 75% from four sen since the beginning of this year. No institutional analyst covers the stock.

The reason behind the surge was not clear, but on May 20, the group, which operates a fleet of 21 tugs and barges, confirmed a report by The Edge that it was in talks with state-owned equity firm Ekuiti Nasional Bhd (Ekuinas) over the potential acquisition of Orkim Sdn Bhd.

The potential sale of Orkim has been in the news since May last year, when Bloomberg reported that Ekuinas was exploring a sale of the shipping company, seeking as much as RM1.5 billion.

The potential sale of Orkim has been in the news since May last year, when Bloomberg reported that Ekuinas was exploring sale of the shipping company, seeking as much as RM1.5 billion.

Ekuinas bought Orkim in 2014 for RM346.3 million from Global Maritime Ventures Bhd, a Bank Pembangunan Malaysia Bhd subsidiary.

Orkim began as a ship broker in 2004, before morphing into a ship owner five years later after taking delivery of its first vessel, according to its website.

It mainly transports clean petroleum products from refineries to various oil storage facilities.