KUALA LUMPUR (May 20): Widetech (Malaysia) Bhd, which was issued an unusual market activity (UMA) query by Bursa Malaysia today, said it is not aware of any corporate development that would have caused the sharp rise in its share price and volume.

Widetech’s share price rose by as much as 28% to hit a fresh all-time high of RM4 in early trade today, before paring some of its gains to close at RM3.38, still up 26 sen or 8.33% from yesterday. This gave the company a market capitalisation of RM151.27 million.

In its reply, Widetech said the group is only aware of the emergence of a new major shareholder, and had on March 18 duly announced his substantial interests in the group.

“Furthermore, we have Google searched and have not found any information on the company that has not been previously announced, which may potentially lead to the said price increase,” the group added.

This is also not the first time Widetech has been slapped with an UMA query by Bursa. In February, it was issued with one following a steep rise in its share price.

In its response then, the group had also said it was not aware of any reason that could have contributed to the sudden increase in its share price.

Meanwhile in early April, the group announced that its wholly-owned subsidiary Probusiness Investments Ltd had entered into a share sale agreement for the disposal of all its 720,000 ordinary shares or 40% equity interest in Goldshore Capital Ltd (GCL) to its director Ngai Chew Meng for a total cash consideration of US$1 (RM4.12).

Ngai is a director and major shareholder of GCL. He currently holds a 60% equity interest in GCL which is principally involved in gaming operations, the group said.

The precision spring manufacturer and management service provider’s share price has gained 420% since the beginning of the year, rising from a mere 60 sen in January.