KUALA LUMPUR: Shares in PUC Bhd jumped over 15% in early trade Wednesday on news that Genting Plantations Bhd is joining a bid with the former for a digital banking licence.

       The counter rose 15.15%, or 2.5 sen to 19 sen at 9.37am. It is currently the second most actively traded counter with over 137 million shares done.

       PUC has entered into conditional subscription agreements with three companies in relation to its proposed private placement of 375.06 million new shares at 12.5 sen per share, to raise RM46.88mil.

       The three companies are GPVF Sdn Bhd, Matrix Edge Venture Sdn Bhd (MEV), and KH Lim Capital Sdn Bhd (KHLC).

       GPVF, which is subscribing 162.53 million shares for RM20.31mil, is a wholly-owned unit of Kenyalang Borneo Sdn Bhd.

       According to its Genting Plantations’ annual report, Kenyalang is a wholly-owned subsidiary of the former.

       MEV is subscribing to 125.02 million PUC shares, representing 7.69% of the company's enlarged share capital.

       KHLC is subscribing to 87.51 million shares or 5.38% in PUC post-issuance.