KUALA LUMPUR: There was bullish activity in WZ Satu Bhd in early Friday trade as it was revealed that the Yang di-Pertuan Agong had doubled his stake in the company.

       At 9.30am, shares in the civil engineering and building contractor were up 0.5 sen or 2.13% to 24 sen a share on over 10 million units traded.

       According to a bourse filing yesterday, the King had converted 53.62 million irredeemable convertible preference shares (ICPS) to give him a total shareholding of 100.02 million shares or a 9.8% stake in the company.

       WZ Satu's ICPS were issued with free warrants in April this year at a price of 11 sen per rights ICPS with a one-to-one conversion to new WZ Satu shares at an exercise price of 11 sen each.