Toyo Ink gets UMA query after shares hit five-year high on limit-up

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KUALA LUMPUR (Feb 22): Toyo Ink Group Bhd has been issued an unusual market activity (UMA) query by Bursa Malaysia its share price rose as much as 30 sen to hit its five-year high today.

At the noon market break, shares of Toyo Ink traded 24 sen or 30.77% higher at RM1.02, after hitting limit-up earlier. The counter has been on the uptrend since Feb 9, rising as much as 98% to its present level.

As at time of writing, Toyo Ink company representatives have not responded to a query by theedgemarkets.com.

In September last year, its managing director Steven Song told The Edge Financial Daily in an interview that the company has "readied a few equity partners" to jointly develop a US$3.45 billion, 2x1000MW coal-fired thermal power plant in Hau Giang, Vietnam.

Song did not disclose the names of the partners to develop the power plant — in which Toyo Ink intends to hold a 40% stake — but hinted that they are energy players.

On Feb 5, 2018, the group announced that it has received the approval from Vietnam's Ministry of Natural Resources and Environment for the environmental impact assessment report for the power plant, which is expected to begin development in 2019.

Toyo Ink, known for its business of ink manufacturing, is not planning to expand its core business for the next one or two years amid challenging business environment. Its venture into energy play — the first for the Malaysian unit — is part of its diversification programme first kicked-off in 2008.