KUALA LUMPUR (Aug 11): Bursa Malaysia has issued an unusual market activity (UMA) query to Asdion Bhd, following the recent drop in the company's share price.

In a filing, the exchange instructed Asdion (fundamental: 0.95; valuation: 0) to disclose any corporate development, rumour, report, or any other possible explanation for the decline in its share price.

Over the past week, the counter has fallen 49 sen or 40% since its closing of RM1.23 on Aug 5 to settle at 74 sen today, down 4 sen or 5.13% from Monday's close.

Its current price brings its market capitalisation to RM90.54 million.

On June 3, Asdion announced the signing of a US$112 million (RM444.1 million) sourcing and take-off agreement between its wholly-owned subsidiary Venice Sanctuary Sdn Bhd and Hong Kong International Mining Exchange Ltd, for the supply of bauxite.

Following the announcement, the company saw its share price climbed steadily to reach a record high closing price of RM1.59 on July 3.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)