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Update Bursa queries Brem after stock hits limit up

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Update Bursa queries Brem after stock hits limit up Empty Update Bursa queries Brem after stock hits limit up

Post by Cals Mon 30 Dec 2013, 21:24

Update Bursa queries Brem after stock hits limit up
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com   
Monday, 30 December 2013 18:39

KUALA LUMPUR (Dec 30): Bursa Malaysia has queried Brem Holding Bhd after the stock soared as much as 45 sen or 30% to hit limit up. Shares of the real estate firm closed at RM1.96.

According to Brem's statement on Bursa's website, the exchange regulator required it to update the market on any corporate development which might have contributed to the share price rise.

"We draw your attention to the sharp rise in price of your company’s shares today (trading activity)," Bursa told Brem. 

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

Remisiers have, however, told theedgemalaysia.com that Brem shares had risen on news reports indicating that the stock is undervalued.

A report by Nanyang Siang Pau highlighted that Brem’s net assets per share will be RM8.32 if the group’s asset revaluation is taken into account.

The report also said that there is a high probability that the company will issue bonus shares as it currently has RM311 million in cash reserves.
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