Update Magna Prima to raise funds

Update Magna Prima to raise funds
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Wednesday, 17 July 2013 14:53

KUALA LUMPUR (July 17): MAGNA PRIMA BHD [] plans to raise funds, a move which could have triggered the sharp rise the share price of the property developer yesterday.

Magna Prima was replying to Bursa Malaysia's query on gains in the former's shares.

"To the best of our knowledge and after making due enquiry with the directors and major shareholders of Magna Prima on seeking cause of the unusual market activity in the company’s shares, the board of directors of Magna Prima wishes to clarify that Magna Prima is currently in the midst of considering a potential fund raising exercise for the company.

“The company will make the necessary announcement to the exchange at the appropriate time upon finalisation of the terms and timing of the proposed fund raising exercise, Magna Prima said.

Bursa Malaysia had yesterday queried Magna Prima after the stock rose as much as 34% to hit limit-up.

Magna Prima had risen as much as 30 sen to RM1.18 before closing at RM1.16. Some 8.5 million shares changed hands.

Today, the stock rose further before paring gains. At 2.32pm, Magna Prima was traded at RM1.20 with some six million shares done. The stock had earlier jumped as much as 17 sen or 15% to RM1.33.