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UMA Bursa queries Kuantan Flour Mills over sharp rise in share price
by Cals Wed 11 May 2016, 23:47
- UMA
[size=28]Bursa queries Kuantan Flour Mills over sharp rise in share price
By Ahmad Naqib Idris / theedgemarkets.com | May 11, 2016 : 10:47 AM MYTKUALA LUMPUR (May 11): Bursa Malaysia has issued an unusual market activity (UMA) query to Kuantan Flour Mills Bhd (KFM), following a recent spike in the company’s share price.
In a filing, the bourse ordered KFM to respond to its query, disclosing any corporate development, rumour, report or any other explanation for the sharp increase in its share price, after making due enquiry with its directors, major shareholders and other relevant persons.
It is noted that KFM is still looking into formulating a regularisation plan to fix its financial position, after being classified a PN17 in December last year.
The triggering of Paragraph 2.1(a) of the PN17 was due to the shareholders’ equity of the company on a consolidated basis was 25% or less of the issued and paid up capital of KFM.
In its latest filing to the exchange dated May 3, KFM said it has approximately eight months to submit its plan to the relevant authorities for approval.
The counter has more than doubled since its closing of 5 sen on May 5. It touched an intraday high of 13 sen yesterday (May 10) before closing at 12.5 sen after seeing 5.12 million shares exchanged.
At 10.20am today, KFM rose 0.5 sen or 4% to 13 sen, giving a market capitalisation of RM8.53 million
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