This article first appeared in The Edge Financial Daily on August 29, 2018

KUALA LUMPUR: Loss-making Watta Holding Bhd, whose share price jumped to a record high of 74.5 sen during trading on Monday, said its deputy group executive chairman and chief executive officer (CEO) Datuk Lee Foo San was “exploring certain corporate proposals previously[,] which had been aborted”.

It was responding to an unusual market activity (UMA) query from Bursa Malaysia that was issued on Monday.

The company said it was not aware of any rumours or reports concerning its business and affairs, or any corporate development that had not been previously announced, that may account for the UMA.

“The board of directors notes the increase in the market prices of Watta shares over the last few days. The board wishes to advise shareholders to trade with caution and consult their stockbrokers/advisers,” it said.

It added that it will make the necessary announcements to the stock exchange should there be any material development with regard to its business.

The stock, which settled at 30 sen apiece on Aug 17, has more than doubled to close as high as 66 sen on Monday.