KUALA LUMPUR (Oct 16): Bursa Malaysia has today issued an unusual market activity (UMA) query on the meteoric rise in Acme Holdings Bhd’s share price and trading volume today.

Today, loss-making Acme’s shares shot up 30 sen or almost 79% to 68 sen today, valuing the counter at RM209.27 million. Over the last five years, shares of Acme had been trading below 30 sen most of the time.

Some 12.89 million shares were traded today, which has far exceeded its 200-day average volume of 111,116.

According to a filing with the local stock exchange today, Bursa had requested Acme to disclose any investment decision, corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, for the sharp increase in its share price.

Bursa also asked if Acme is still in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bursa securities LR on immediate disclosure obligations.

Acme had not responded to Bursa’s query at the time of writing.

For the first quarter ended June 30, 2020, Acme slipped into a net loss of RM761,000, versus a net profit of RM82,000 last year, while its quarterly revenue declined 56.5% year-on-year to RM2.43 million, from RM5.59 million as business was hit by the Movement Control Order (MCO), no thanks to COVID-19.

However, the group reported lower net loss this quarter, compared with its immediate preceding quarter of RM1.02 million mainly due to lower property development cost.

Acme is involved in OEM (original equipment manufacturing) and ODM (original design manufacturing) of plastic and wooden audio speakers systems. It also produces home and houseware products such as kitchenware and toys, and is also engaged in property development.