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UMA EKA Noodles gets UMA query after recent share price rally
by Cals Wed 23 Mar 2016, 05:40
- UMA
[size=28]EKA Noodles gets UMA query after recent share price rally
By Meena Lakshana / theedgemarkets.com | March 22, 2016 : 3:47 PM MYTKUALA LUMPUR (March 22): Bursa Malaysia Securities Bhd has issued EKA Noodles Bhd an unusual market activity query on the stock's sharp rise in price and trading volume recently.
At 3.19pm today, the stock, which rose as high as 6% or 1.5 sen to 26.5 sen earlier today, pared gains and settled at 21.5 sen, down 3.5 sen or 14%, after 59.29 million shares were traded, compared to its 200-day average volume of 4.41 million shares.
EKA Noodles shares, which were only trading at 11 sen over two months ago on Jan 4, shot to a one-year high of 25 sen yesterday.
Bursa Malaysia has instructed EKA Noodles to furnish any corporate development, rumour, report, or any other possible explanation concerning its business and affairs that may account for the trading activity of the stock.
According to a report by Asia Analytica on March 8, EKA Noodles' share price has doubled at the end of the first week of March since the start of the year. However, it noted that EKA Noodles' fundamentals remain weak, with only RM908,000 in cash against a total debt of RM67.3 million.
The company was recently back in the black with a net profit of RM308,000 or 0.12 sen per share for three months ended Dec 31, 2015 on the back of RM14.14 million in revenue in the same period.
The company had changed its financial year end to Dec 31, 2015 from June 30, 2015.
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