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UMA Len Cheong says unaware of reason for UMA
by Cals Tue 08 Mar 2016, 07:42
- UMA
[size=28]Len Cheong says unaware of reason for UMA
By Law Yin-Lyn / theedgemarkets.com | March 7, 2016 : 6:22 PM MYTKUALA LUMPUR (March 7): Len Cheong Holding Bhd said it is unaware of any reason for the recent sharp rise in price and volume of its shares.
In a filing with Bursa Malaysia today, Len Cheong said after having made due enquiries with the directors, major shareholders and such other relevant persons, it is not aware of any corporate development relating to the group's businesses and affairs that has not been previously announced, that may account for the unusual market activity (UMA).
Earlier today, Bursa Securities had slapped Len Cheong with an UMA query, after its share price spiked up. Since Feb 29, shares of Len Cheong have risen 77.1% from 17.5 sen, to a high of 31 sen last Friday (March 4).
Today, the stock closed down 4.8% at 29.5 sen, with 2.05 million shares exchanging hands, giving the group a market capitalisation of RM19.47 million.
Len Cheong is involved in the manufacturing of rubberwood home furniture, primarily for export markets, as well as sawmilling.
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