KUALA LUMPUR (Dec 14): Guocoland (Malaysia) Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia over the sharp rise in its share price and volume today.
At today’s closing, the stock was 18 sen or 31.3% higher at 76 sen — its highest since March 2019. In just the last two weeks, the stock has surged 46% from when it was trading at 52 sen.
It saw some 5.56 million shares traded today, near 28 times its 220-day average volume of 199,869 shares.
In a stock exchange filing, Bursa requested Guocoland to disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, for the sharp increase in its share price.
Bursa also asked if Guocoland is still in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bursa securities LR on immediate disclosure obligations.
Just last Friday, Guocoland announced that its group managing director Datuk Edmund Kong Woon Jun had resigned from his post, with the resignation to take effect Jan 1, 2021, after helming the group for four years.
The group said Kong is resigning to “pursue other business opportunities”. The group has yet to announce a successor to Kong.