Sedania surges to all-time high after subsidiary's market expansion announcement

KUALA LUMPUR: Sedania Innovator Bhd's shares surged over 32 per cent to an all-time high of RM1.20 after the company announced its 51 per cent-owned unit Offspring Inc's expansion into Spain, Finland, Cambodia and South Korea to boost its export and global presence.

At 12.07pm, its share price rose 29.5 sen, or 32.6 per cent to RM1.20 from 90.5 sen at Monday's close, with 47.72 million shares traded.

Sedania Innovator was also one of the most actively traded stocks in the morning session.

In a statement today, the company said the expansion, via partnerships with counterparts in the four countries, would see Offspring further expand its export markets, which currently include Singapore, Brunei, the Philippines, Russia and the United States.

"Tapping into Spain and Finland after the success in Russia has gained us a competitive edge in the European market," said managing director Datuk Azrin Mohd Noor.

Offspring is a health tech company producing eco-friendly baby diapers, biodegradable wet wipes, baby care essentials and household products.

-- BERNAMA