Thursday 28 Mar 2024
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KUALA LUMPUR (July 14): Mlabs System Bhd, whose share price more than tripled in the last 10 days from 12 sen on July 3 to close at 37 sen yesterday, has been slapped with an unusual market activity (UMA) query from Bursa Malaysia.

In a filing with the exchange today, the regulator drew attention to the “sharp rise in price” of the video conferencing systems company’s shares recently.

Bursa requested the company to state whether there was any corporate development relating to its group's business and affairs that had not been previously announced that may account for the trading activity, including those in the stage of negotiation or discussion.

The stock is currently trading more than five times higher than its yearly low of seven sen on Sept 12, 2016, and was the second most actively-traded stock on Bursa in morning trade today.

On July 11, Mlabs told Bursaits non-executive director Dr Sureswaran Ramadass sold 180,000 shares in the software developer, to capitalise on the stock's gain.

It said he sold the shares in three tranches, comprising two portions of 50,000 units each and an 80,000-share tranche on Monday (July 10).

According to Mlabs, he sold the shares at between 23.5 sen and 24.5 sen each and following the disposal, he owns 335,132 shares or 0.18% in the company.

At 10.40am, its shares climbed six sen or 14.86% to 43 sen, with some 46.5 million shares exchanging hands, giving it a market capitalisation of RM77.6 million.

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