UMA Excel Force gets UMA while shares hit all time high

by **Cals** Tue 10 May 2016, 10:17

UMA

[size=28]Excel Force gets UMA while shares hit all time high

By Gho Chee Yuan / theedgemarkets.com | May 9, 2016 : 10:18 AM MYT

KUALA LUMPUR (May 9): Excel Force MSC Bhd, whose share price climbed 66.7% over the past two weeks to hit its all time high of RM1.55 in early trades today, has been slapped with an unusual market activity (UMA).

At 9.42am, the stock pared down part of its gains to trade at RM1.52, still up seven sen or 4.83%, making it the eleventh top gainers across the exchange in the morning trades. The sharp rise in the information technology company's shares were began on April 20, which seen it soaring 62 sen or 66.7% to its all time high of RM1.55 from 93 sen then.

A total of 2.24 million shares were seen having been traded between RM1.46 and RM1.55. At RM1.52, it has a market value of RM299.81 million.

The company's warrant also active in the morning trades, surging 14 sen or 17.61% to trade at 93.5 sen as of 9.48am, making it the sixth top gainers across the bourse.

Trading volume was 4.69 million, making it one of the most actively traded counter across the local bourse.

Today, the exchange requested the company to disclose any corporate development, rumours and/or other possible explanation that could account for the trading activity.

Excel Force is a financial services business solutions provider that offers information systems and services to banks and stockbroking firms, from front office to back office.

On April 26, it announced that Asia Internet Holdings Sdn Bhd (Asia Internet Holdings), the single largest shareholder of My E.G Services Bhd (MyEG), has emerged as its substantial shareholder.

Excel Force told Bursa Malaysia that Asia Internet Holdings bought 38 million shares or 18% equity stake from its executive director, Sun Chin-Chuan, through off-market trades. Sun is the spouse of the company's executive chairman and managing director Wang Kuen-Chung.

Earlier, Wang also brushed off the market rumours that he was exiting the business.

He told The Edge Financial Daily that he will still be running the company, though he admitted at the same time that age is a growing constraint. He also revealed that the company is looking to bring in a new investor.

"I still want to lead the company although I am not very young. But we will be bringing in a new investor into the company," the 60-year-old Taiwanese said in an interview.
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