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UMA Bursa Malaysia queries M3 Technologies after high trading volume

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UMA Bursa Malaysia queries M3 Technologies after high trading volume

Post by Cals Thu 09 Jun 2016, 02:41

UMA

[size=28]Bursa Malaysia queries M3 Technologies after high trading volume

By Ahmad Naqib Idris / theedgemarkets.com | June 8, 2016 : 12:08 PM MYT
[/size]

KUALA LUMPUR (June 8): Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query to M3 Technologies (Asia) Bhd (M3 Tech), following the recent heavy trading volume in the company’s shares.

The exchange regulator directed M3 Tech to respond to the query, disclosing any corporate development, rumour, report or any other possible explanation for the trading activity.

The counter has seen heavy trading over the past two days, with some 38.9 million shares exchanged yesterday (June 7), with the counter falling 4.5 sen or 16% to close at 24 sen yesterday.

At 11.38am today, M3 Tech fell a further 6 sen or 25% to 18 sen, with some 42.9 million shares done, putting the counter among top actives on the board.

The company had yesterday announced the settlement of its disputes relating to the company’s purchase of 383,900 shares or a 24% stake in Fotokem Sdn Bhd from five individuals in 2013.

The 24% stake was purchased from the five — Ngui Woon Kong, Wong Lim Patt, Thean Yoke Peng, Shum Hok Yein and Khoo Chee Kuen — for RM5.998 million.

Disputes subsequently arose between M3 Tech and the vendors, including over a RM2.22 million profit guarantee to M3 Tech.

To resolve the dispute, the vendors will purchase back the 24% stake from M3 Tech for RM5.998 million.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
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