CN Asia says unaware of reason behind unusual jump in share price

CN Asia says unaware of reason behind unusual jump in share price
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KUALA LUMPUR (Dec 28): CN Asia Corp Bhd, which was slapped with an unusual market activity (UMA) query by the stock exchange regulator earlier today, said it is unaware of any reason that could account for the recent sharp rise in its share price and trading volume.

The steel storage tank manufacturer, one of the top gainers on Bursa Malaysia today after its stock hit limit up, said this in a stock exchange filing after making due enquiry with its board of directors and major shareholders. 

It said it is not aware of any corporate development relating to its business and affairs that has not been previously announced, or any rumour or report, that may account for the trading activity. “We are not aware of any other possible explanation to account for the trading activity; and the company and the board are in compliance with the Main Market Listing Requirements (MMLR) of Bursa Securities, in particular Paragraph 9.03 of the MMLR on immediate disclosure obligations,” it added.

CN Asia's counter surged 30 sen or 29.41% today to RM1.32, its highest level in nearly six-and-a-half years. At the current price, the company has a market capitalisation of RM72.49 million. 

The counter saw 3.31 million shares traded, more than 10 times its 200-day average volume of 296,054 shares.

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CN Asia slapped with UMA query after hitting limit up

Tan Choe Choe