KUALA LUMPUR (Jan 6): Cymao Holdings Bhd, which was issued an unusual market activity (UMA) query by Bursa Malaysia yesterday, said it is unaware of any corporate development, apart from its proposed diversification into construction and project management.
In a filing with Bursa Malaysia today, the plywood products maker said the board believes that the proposed diversification is expected to provide additional revenue streams and enhance the group's profits, thereby reducing its dependence on its existing business and subsequently improve the group's financial performance and shareholders' value.
Furthermore, the company will continue to secure more construction-related contracts and expand its new business, namely the construction business.
"The company will make relevant announcements on any material development on the above matter in accordance with the Main Market Listing Requirements of Bursa Securities as and when necessary," said Cymao.
Cymao said the company and the board are in compliance with listing requirements, especially the ones on immediate disclosure obligations.
At 3.14pm, shares of Cymao slid 32 sen or 17.88% to RM1.47, valuing it at RM110.25 million. Some 3.44 million shares were traded. Still, over the past three-month period, the counter has risen nearly sevenfold from 21.5 sen.
Read also: