[size=28]Borneo Aqua gets UMA query on recent share price surgeBy Gho Chee Yuan / theedgemarkets.com | July 19, 2016 : 7:22 PM MYT
KUALA LUMPUR (July 19): A 40% jump in Borneo Aqua Harvest Bhd's share price over the past week has prompted the stock exchange to issue an unusual market activity (UMA) query to the company.
The stock closed at a three-month high of RM1.05 today, after surging to an intraday high of RM1.07, with 2.02 million shares traded.
The counter has risen by 30 sen or 40% since July 13 when it traded at 75 sen.
Bursa Malaysia has asked the company to disclose any possible reason that could contribute to the UMA.
Borneo Aqua, through its subsidiaries, conducts fish breeding, hatchery and rearing operations. It is also engaged in mass production of red snapper and grouper.
On June 24, Borneo Aqua said it has not abandoned its plans to diversify into the mining business, adding it is still going ahead with plans to purchase Wullersdorf Resources Sdn Bhd for RM113 million.
It explained that the decision not to extend a cooperative agreement with Southsea Gold Sdn Bhd was made after taking into consideration an alternative mining site comprising 317.7ha of mining land under Wullersdorf Resources.
The lapsed cooperative agreement between Borneo Aqua and Southsea Gold was for conducting mining activities in an area measuring 200 acres (about 80.94ha) at Bukit Mantri in Tawau, Sabah.
In the fourth quarter ended March 31, 2016 (4QFY16), the company posted a net loss of RM2.38 million as compared to a net profit of RM2.49 million a year ago, due to unrealised foreign exchange loss of RM1.91 million as well as other overhead cost.
Revenue dropped 6.32% to RM5.92 million from RM6.32 million, as the company was affected by the Sabah government's temporary restriction on export of fresh and live seafood from the state.
For the full year (FY16), the company's net loss widened to RM3.34 million from RM2.33 million in FY15. Revenue rose to RM18.29 million from RM17.21 million.
Borneo Aqua closed down six sen or 5.53% at RM1.05 today, the highest point since mid-January, for a market capitalisation of RM456.77 million.
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