UMA CWorks Systems slapped with UMA query over price spike

by **Cals** Wed 27 Jan 2016, 05:43

UMA

[size=28]CWorks Systems slapped with UMA query over price spike

By Alex Chong / theedgemarkets.com | January 26, 2016 : 3:36 PM MYT

KUALA LUMPUR (Jan 26): CWorks Systems Bhd has been issued an unusual market activity (UMA) query by Bursa Malaysia on the recent sharp rise in the price of its shares.

The ACE-market listed software specialist saw its share price rose as much as 9% to touch its intraday high of 54.5 sen in the early trade before easing to 53 sen, with 6.69 million shares changing hands as at 3.02pm.

Its market capitalisation stood at RM64.13 million. The stock has more than tripled to current levels from a one-year low of 17 sen seen on Oct 2, 2015.

CWorks has not responded to Bursa's UMA query at the time of writing.

Notably, the company saw several shareholding changes in the last few months.

On June 2, 2015, Azmi Zainudin emerged as a new single largest shareholder of CWorks, after acquiring a 16.53% stake, via off-market transaction.

On Oct 1, 2015, Roaring Achievements Sdn Bhd ceased to be a substantial shareholder, after disposing of 15 million shares or 5.8% stake in off-market trades.

On Dec 30, 2015, Law Li Li ceased to be a substantial shareholder, after disposing of 15 million shares or 12.4% stake in off market trades.

Being a maintenance management software specialist, the company’s computerised maintenance management software product is used in asset intensive organisations, including in facility management, airports, and oil and gas.

Earlier in November 2015, CWorks had aborted its plan to acquire metal articles manufacturer TNM MFG Sdn Bhd, due to a non-agreement on the terms and conditions between the company and the vendors. However, the group said its proposed diversification into the manufacturing of metal articles is still on-going.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
[/size]