KUALA LUMPUR (Dec 18): Bursa Malaysia has slapped Pan Malaysia Holdings Bhd with an unusual market activity query on its recent share price and volume rise.
"We draw your attention to the recent rise in price and volume of your company’s shares," exchange regulator Bursa Malaysia told Pan Malaysia today.
Share prices of Pan Malaysia, which is involved in hotel and financial services, had more than doubled since last Friday (Dec 12) to current levels. The stock had climbed on news Malayan United Industries Bhd (MUI) was selling its 69.19% stake in the company to Datuk Dr Yu Kuan Chon for RM77.12 million.
Dr Yu is the chairman and executive director of YNH Property Bhd. Upon completion, Dr Yu will see his Pan Malaysia stake rise to a controlling 74.52% from 5.33%.
Today, Pan Malaysia shares jumped seven sen or 31% at 12.30pm to settle at 29.5 sen for a market capitalisation of RM274 million.
The stock saw some 12 million shares traded. The shares had soared 321% this year, significantly outperforming the FBM KLCI's 9% decline.
Last Friday, Pan Malaysia shares closed at 11 sen. MUI said then it was selling its Pan Malaysia stake to Dr Yu in a move to divest non-core assets.
The sale proceeds of RM77.12 million will be used to reduce MUI's bank borrowings, and finance working capital needs. MUI is controlled by tycoon Tan Sri Khoo Kay Peng.