UMA IFCA MSC unaware of reason behind UMA

by **Cals** Mon 28 Sep 2015, 18:04

UMA

[size=28]IFCA MSC unaware of reason behind UMA

By Yimie Yong / theedgemarkets.com | September 28, 2015 : 2:35 PM MYT

KUALA LUMPUR (Sept 28): IFCA MSC Bhd ([You must be registered and logged in to see this image.] Valuation: 1.50, Fundamental: 3.00), which was issued an unusual market activity (UMA) query by Bursa Malaysia last Friday (Sept 25) on the rise in volume and price of its shares, said that the company is unaware of the reason behind the UMA.

In its reply to the UMA query, the ACE Market-listed IT software provider said that save for the submission of application of proposed acquisition of the business of PT IFCA Consulting Indonesia to Bursa Securities ([You must be registered and logged in to see this image.] Valuation: 2.10, Fundamental: 2.30) and acceptance of award of contract from Capitaland Management (China) Co. Ltd (Valuation: 2.60, Fundamental: 1.00), which were announced on Sept 14 and Sept 17 respectively, it was not aware of any corporate development, rumour, report or any other possible explanation for the rise in its volume and share price.

Bursa asked IFCA if there was any corporate development, business negotiation rumour, or report or any other possible explanation that could account for the hike in share price and volume, in the UMA query last Friday.

This is the fourth time since January that the counter has received an UMA query by Bursa. The last UMA it received was on June 16.

From Aug 24, IFCA saw its share price surged 92% to 97 sen at last Friday’s close. Its trading volume reached a high of 100.85 million shares on Sept 22, the highest since June 16.

At 2.14pm, IFCA’s shares were traded 2.5 sen or 2.58% lower at 94.5 sen, with 53.62 million shares changing hands, for a market capitalisation of RM528.24 million. It was the most actively traded stock on the local bourse.

(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.)

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