KUALA LUMPUR (Feb 19): Pansar Bhd today said it is not aware of reasons for active trading of its shares on Thursday (Feb 15), other than it is in the stage of formalising “some contracts”.

Pansar received an unusual market activity (UMA) query from Bursa Malaysia last week, after the counter saw 5.12 million shares traded during Friday’s half-day trading session — over 14 times its 200-day average of 349,761 shares — and hitting its 15-year high of 80 sen, before settling up three sen at 79 sen.

“Pansar is currently in the stage of bidding, discussion, negotiating and evaluating some contracts which the Company has yet to receive the letter of award,” the company said in a filing today in response to the UMA query. 

“Pansar will make the necessary announcement(s) in compliance with its obligations under the Main Market Listing Requirements if and when the project(s) is awarded to Pansar,” the filing added. 

The industrial materials and equipment supplier is in the midst of raising RM11.76 million vide a private placement of 42.7 sen per share to build new facilities, expand existing ones, and purchase transport vehicles to facilitate its business as the exclusive distributor for construction machineries under the JCB brand in East Malaysia, announced on Feb 13.

At 2.30pm, shares of the company pared one sen to 78 sen, giving it a market capitalisation of RM217.12 million.