UMA mTouche gets UMA query on sudden volume rise

by **Cals** Thu 12 May 2016, 00:14

UMA

[size=28]mTouche gets UMA query on sudden volume rise

By Gho Chee Yuan / theedgemarkets.com | May 11, 2016 : 6:06 PM MYT

KUALA LUMPUR (May 11): A significant jump in trading volume of mTouche Technology Bhd has prompted the stock exchange regulator to issue an unusual market activity (UMA) to the ACE Market listed company.

mTouche saw multiple times jump in its trading volume today. According to Bloomberg data, its trading volume soared multiple times to about 41 million shares today, from a mere 180,000 shares on April 14.

During the period, its shares also rose as much as 4.5 sen or 37.5% to hit a high of 16.5 sen, before closing at 16 sen today. Yesterday (May 10), it closed at 15.5 sen, after 13.9 million shares exchanged hands.

mTouche is a wireless network technologies, mobile messaging services, and interactive media applications services provider.

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

At the point of writing, mTouche has yet responded to the UMA query.

The company had announced last week, the appointment of two new executive directors to its board, after executive director Darren Solomon Low Jun Ket and independent and non-executive director Datuk Ahmad Bahrin Idrus resigned.

According to the earlier filing, mTouche said it had appointed former chief operating officer of New Zealand Alternative Exchange (NZAX)-listed company MyKris Ltd, Tang Boon Koon; as well as Chen Huei Ping, as executive directors of the company.

Tang, 45, has more than 24 years of working experience in the information and communication technology industry and has held a number of senior management positions in various public-listed companies in Malaysia, Hong Kong and New Zealand, the filing stated.

mTouche said Chen, 23, is currently a regional business development manager for the Asia-Pacific market in a multi-international manufacturing company in the electrical and electronic (E&E) industry.

Low and Ahmad Bahrin had resigned due to other work commitments, the filing stated.

mTouche also announced that independent director and Tenom MP, Datuk Raime Unggi, has resigned from the company, also due to other work commitments.

Raime, a director of Asdion Bhd, is also the chairman of Desa Group, which is wholly-owned by the Sabah state government.

Subsequently, mTouche announced yesterday that OSK Capital Sdn Bhd, a private entity controlled by Tan Sri Ong Leong Huat, had disposed 7.79 million shares between May 3 and May 9, trimming his stakeholdings to 30.49 million shares or 13.16%.

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