KUALA LUMPUR (July 15): Bursa Malauysia has issued an unusual market activity (UMA) query on Scanwolf Corp Bhd, following the property developer's recent share price and volume rise.

Scanwolf (fundamental: 0.55; valuation: 0.9), which had recently announced boardroom changes, had seen its shares rise to 47.5 sen yesterday, from 28 sen on July 2 this year.

Today, the stock surged as much as four sen or 8% to 51.5 sen in active trade, on positive sentiment after the company announced the boardroom changes.

Bursa Malaysia told Scanwolf: "We draw your attention to the rise in price and volume of your company’s shares recently."

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

A remisier told theedgemarkets.com that "investors were optimistic about Scanwolf, after the new management came in."

Scanwolf's boardroom changes included Datuk Othman Talib's appointment as independent and non-executive chairman. This followed a boardroom tussle, which resulted in the removal of several directors.

On April 23 this year, Scanwolf had appointed PKF Covenant to investigate corporate governance breach allegations in the company. Investigations are still in progress.