KUALA LUMPUR (March 11): Telecommunications company Key Alliance Group Bhd (KAG) said apart from an update on its incubator project with Fatfish Medialab Pte Ltd (FMPL) on Feb 29, it was not aware of any other corporate development, rumour or report concerning its business that could have accounted for the surge in its share prices yesterday.

The company said this today, in reply to an unusual market activity (UMA) query to Bursa Malaysia yesterday.

Its share price has surged by 7.69% yesterday, triggering an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd.

In contrast at 12.24pm today, the share price tumbled 7.14% or half sen to 6.5 sen, with 1.99 million shares done, for a market capitalisation of RM41.5 million.

On Feb 29, Key Alliance said via a filing to Bursa Malaysia that its partner FMPL had staged a seed capital exit for one of its nine incubatees under Singapore’s Media Development Authority’s `i.jam programme’.

FMPL is an accelerator specialising in the incubation of mobile applications, e-commerce and fintech areas.

“FMPL sold its investee Kensington Ventures Pte Ltd to iCandy Interactive Ltd via a share-swap deal. FMPL received five million shares of iCandy Interactive Ltd, which was successfully listed on the Australian Stock Exchange on Feb 4.

“This represents a significant milestone in the working relationship between KAG and FMPL formulated in 2012.

“The board is optimistic of the future developments within FMPL, to continue to stage exits for the deserving investees.

“Key Alliance is continuously reviewing Malaysian-based entrepreneurs and startups that may qualify for the i.jam programme,” it said on Feb 29.