KUALA LUMPUR (Dec 11): Building materials trader Ipmuda Bhd was slapped with an unusual market activity (UMA) query by Bursa Malaysia today, over the sharp rises in its share price and volume recently that lifted the stock to its highest in over four years.
At the time of writing, the stock was trading at 91 sen, up 21.33% or 16 sen, giving it a market capitalisation of RM65.22 million, after 1.26 million shares changed hands. Earlier, the stock hit limit up after jumping 30 sen to RM1.05.
The counter is now trading at over five times the low of 18 sen it reached on May 28.
On Monday, the company announced that business tycoon Tan Sri Abu Sahid had ceased to be its substantial shareholder after his flagship company, Maju Holdings Sdn Bhd, sold 2.55 million shares representing a 3.52% stake in the company via a direct business transaction.
He is now left with a direct shareholding of 1.71 million shares or a 2.36% stake. Prior to this, Abu Sahid directly held a 9.2% stake or 6.67 million shares in Ipmuda, along with 12.99% or 9.42 million indirect shares.
But the tycoon has been trimming his stake in Ipmuda, both held directly and indirectly, via Maju Holdings from June to November. He also transferred some of his directly held shares to daughter Nurhaida Abu Sahid in November.
Pointing to the sharp rises in price and volume of its shares recently, Bursa, in a filing today, asked Ipmuda to state whether there have been any corporate developments relating to its business and affairs that have not been previously announced, which may account for the trading activity, including those in negotiations.
It also asked the company to clarify if there have been any rumours or reports involving its business and affairs, or any other possible reasons, that may account for the UMA.