The Perak-based company, formerly known as Caely Holdings Bhd, pared its gains to close half-a-sen lower at 21.5 sen, valuing it at RM254.85 million.

It saw a record high daily trading volume of 281.46 million shares, placing it as the second most active counter on Bursa Malaysia.

Though it had a spectacular rise today, however year-to-date, the counter is down 41.1%.

The reason for today’s surge was not evident as there were no recent bourse filings by the company. The only major development was the listing of its 880.53 million rights shares and 528.32 million warrants today.

In early January, the group proposed a five-for-two rights issue, sweetened by free warrants, to raise between RM30 million and RM96.54 million, to fund its property development and construction business.

The rights shares were issued to shareholders at 10 sen per share on the basis of two rights shares for every five shares held, accompanied by free detachable warrants on the basis of three warrants for every five rights shares, with an exercise price of 20 sen.

The newly-listed warrants soared to the top of Bursa Malaysia’s most active list with 491.01 million units traded, closing at seven sen.

Previous bourse filings revealed that its largest shareholder, Chan Swee Ying, subscribed to 285.06 million rights shares, increasing her interest to 303.09 million shares or a 24.59% stake.

Classita executive chairman Ng Keok Chai subscribed to 55.66 million rights shares, or a 4.51% stake.