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UMA Bursa slaps query on Wong Engineering amid speculation of supply deal

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UMA Bursa slaps query on Wong Engineering amid speculation of supply deal Empty UMA Bursa slaps query on Wong Engineering amid speculation of supply deal

Post by Cals Sat 26 Apr 2014, 18:25

UMA Bursa slaps query on Wong Engineering amid speculation of supply deal
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Friday, 25 April 2014 18:33

KUALA LUMPUR (Feb 6): Wong Engineering Corporation Bhd (Wong) has been slapped with an unusual market activity (UMA) query by Bursa Malaysia on the rise of its share price and volume today.

Wong, the sixth top gainer saw trades of some 17 million shares. The stock closed higher at 82 sen after gaining 19.5 sen or 31%.

Earlier, theedgemalaysia.com reported Wong’s phenomenal gain could be due to speculation regarding its negotiation with a third party for the supply of mechanical & industrial products, a company source revealed.

Bursa has ordered the engineering firm to respond to its queries immediately for public release pursuant to making due enquiry with its directors, major shareholders and other relevant persons.

This includes disclosing any corporate development relating to the group’s business and affairs that has not been previously announced.

The stock exchange also questioned if there is any rumour or report concerning the business and affairs of the group that may account for the trading activity.

“We have ordered Wong to explain if it is aware of any other possible explanation to account for the trading activity,” said Bursa.
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