Bursa queries Cybertowers on share price, volume rise

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KUALA LUMPUR (Mar 6): Bursa Malaysia has issued an unusual market activity (UMA) query on Cybertowers Bhd following the sharp rise in its share price and volume this week.

Practice Note 17 (PN17) entity Cybertowers (fundamental: 0.6; valuation: 0.3), which develops Internet-based vehicle-locating systems, rose 2.5 sen or 33% at 11:39am to 10 sen for a market capitalisation of RM10 million.

Some 43 million shares were traded. The bourse's third most-active stock had earlier reached an intraday high of 12 sen.

Cybertowers had risen to current levels from its closing share price of two sen last Tuesday (Mar 3).

Today, exchange regulator and operator Bursa Malaysia told Cybertowers :"We draw your attention to the recent rise in price and volume of your company's shares (trading activity)."

Cybertowers had not responded to Bursa Malaysia's UMA query at the time of writing.

The rise in Cybertowers' share trade and volume followed the company's announcement last Monday (Mar 2) that the PN17 entity had submitted its regularisation plan to Bursa Malaysia.

"The regularisation plan is currently pending Bursa Securities' approval," Cybertowers said.

(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.)