(Updated)

Genetec unaware of rumour on biz after stock price hits limit up, volume spikes ninefold

Genetec unaware of rumour on biz after stock price hits limit up, volume spikes ninefold
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KUALA LUMPUR (Jan 18): Genetec Technology Bhd said today the manufacturing systems specialist is not aware of any rumour or report concerning the group's business and affairs that may account for the company's share trade activity, which saw the stock's price hit limit up while volume registered a ninefold spike.

In a Bursa Malaysia filing today, Genetec said there is no corporate development in relation to the group's business and affairs that has not been previously announced including those in the stage of discussion, which might have accounted for Genetec's share trade activity which saw its share price rise as much as 60 sen or about 30% to RM2.63 today.

"We are not aware of any other possible explanation to account for the trading activity," Genetec said.

When markets closed at 5pm today, Genetec's share price finished at its intraday high of RM2.63 with 4.08 million shares traded.

At RM2.63, Genetec has a market capitalisation of about RM115.61 million.

Last Friday Genetec registered a share trade volume of 439,400 units.

Today Genetec said the company is in compliance with the ACE Market Listing Requirements of Bursa on the immediate disclosure obligations after having made due inquiries with all Genetec directors and major shareholders and such other relevant persons of the company.

Genetec said this in response to Bursa's unusual market activity (UMA) query earlier today on the sharp rises in price and volume of the company's shares.

Chong Jin Hun