KUALA LUMPUR (May 5): Scanwolf Corp Bhd received an unusual market activity (UMA) query from Bursa Malaysia after the company's shares hit limit up today.

Furniture component manufacturer and property developer Scanwolf's (fundamental: 0.75; valuation: 0.3) shares jumped as much as 30 sen or 48%  to 92 sen before paring gains to settle at 87.5 sen at 12:30pm. At the current share price, Scanwolf is valued at RM72.5 million.

The bourse's third-largest gainer saw some five million shares changing hands. Scanwolf shares had risen 48% this year, outperforming the FBM KLCI's 3% rise.

Bourse regulator Bursa Malaysia told Scanwolf : "We draw your attention to the sharp rise in price of your company’s shares today."

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

However, it is worth noting that Scanwolf is the process of reviewing its reporting structure and financial affairs, especially, those concerning its property development operations.

The company said the move was crucial to improve corporate governance. 

Scanwolf said the review, which started in April 23 this year, was due for completion within two months.

(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.)