AHB slapped with UMA query

AHB slapped with UMA query
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KUALA LUMPUR (Aug 21): Office furniture manufacturer AHB Holdings Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia over the sharp rise in its price and volume recently.

The stock surged as much as 67% to hit its intraday high of 30 sen in early trade before paring some gains to close at 26 sen today, still up 9 sen or 48.57% from yesterday's close. Its market capitalisation stood at RM59.74 million. A total of 34.76 million shares changed hands.

Year to date, its share price has climbed 136%.

In July, AHB announced that it was looking to raise RM9.86 million from two private placements. The group told Bursa Malaysia that RM4.81 million of the proceeds will be used for working capital and another RM4.13 million for capital expenditure purposes. A further RM700,000 will be used to pay for marketing expenses and RM225,000 to defray costs associated with the private placement exercise.