KUALA LUMPUR (March 14): JMR Conglomeration Bhd said it is not aware of any reason for the sharp rise in price of its shares today, except that its group chairman had purchased some 158,500 shares on the same day.

The stock spiked 29.41% to close at RM1.32 — its highest point — after some 245,800 shares were traded, triggering an unusual market activity query from Bursa Malaysia.

At its current price, it has a market capitalisation of RM167.36 million.

In reply, JMR said it is not aware of any corporate development that has not been previously announced, rumour, report or any other possible explanation concerning the business and affairs of the JMR Group that may account for the trading activity, other than its group executive chairman Datuk Goh Nai Kooi @ Gah Mai Kwai's share acquisition.

Goh has been upping his stake in the company, which stood at 5.89% as at June 30, 2015, since last year. From July 2015 until today, he has acquired close to 5 million shares in the company.

Meanwhile, PLB Land Sdn Bhd has ceased to be a substantial shareholder of the company after disposing of 100 shares on Feb 25.

"The board also confirms that the company is in compliance with the Bursa Securities Listing Requirements (LR), in particular paragraph 9.03 of the Bursa Securities LR on immediate disclosure obligations," it added.