This article first appeared in The Edge Financial Daily on August 15, 2018

KUALA LUMPUR: Edaran Bhd, which was slapped with an unusual market activity (UMA) query by Bursa Malaysia after its share price doubled in two trading days, told the regulator yesterday it was not aware of any corporate development that may have caused the recent spike in its share price and trading volume.

In an exchange filing, the group said there was no corporate development in relation to its business and affairs that had not been previously announced, including those in negotiation or discussion stages, that may account for the UMA.

“The directors are not aware of any rumour or report concerning the business and affairs of the group that may account for the unusual market activity and any other possible explanation to account for the trading activity,” it added.

Edaran said it is continuously pursuing and identifying new business opportunities in its ordinary course of business, and will make immediate announcements as and when it enters into any agreement.

“We also declare that the company is in compliance with the Listing Requirements (LRs), in particular Rule 9.03 of the LRs on immediate disclosure obligations,” it added.

Edaran was slapped with the UMA query by Bursa yesterday. Its share price surged as much as 12 sen or 16.8% to 83.5 sen in morning trade.

The stock closed up 4.5 sen at a four-month high of 76 sen. The sudden interest in Edaran lifted its trading volume to 34.64 million shares, compared with its 200-day average trading volume of 1.02 million shares.

Last Friday, the stock ended mildly higher at 45.5 sen, with 1.69 million shares done, before it shot up to a high of 74.5 sen on Monday, with the volume ballooning to 47.36 million shares.