Thursday 28 Mar 2024
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KUALA LUMPUR (April 4): Denko Industrial Corp Bhd has been slapped with an unusual market activity (UMA) query by Bursa Securities after the company's share price rose as much as 20% today.

The stock jumped to hit its all-time high of RM1.20 today. At 4.25pm, its shares were trading at RM1.09, with 6.39 million shares done. Market capitalisation stood at RM114.92 million. It was one of the top gainers on Bursa.

In a filing with Bursa Malaysia today, the regulator asked Denko to state if there was any corporate development, or report relating to its business and affairs that has not been previously announced.

In February this year, Denko received a conditional voluntary takeover offer from Oregon Technology Sdn Bhd at 55 sen cash a share, when the latter's Singaporean director Foo Chee Juan launched the bid for the plastic injection mould and high precision parts manufacturer to consolidate and strengthen its business footprint in the Malaysian plastic injection moulding sector.

Subsequently, Denko saw its chairman Datuk Ong Soon Ho and director Datuk Ong Choo Meng disposing of their respective stakes in the company, amounting to 19.35 million Denko shares or 18.53% stake in an off-market transaction.

 

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