KUALA LUMPUR (May 11): Kuantan Flour Mills Bhd has come out to say it was not aware of the reason behind its share prices’ unusual movement lately.

In its filing with Bursa Malaysia, the group said it is not aware of any reasons or factors, rumour or report in relation to the unusual market activity (UMA).

In terms of corporate development, the group said it is still in the midst of working out the regularisation plan, with the objective of reviving its business and uplifting its Practise Note 17 (PN17) status.

“As at now, the full regularisation plan is still not in place yet. The board will definitely make the necessary announcement to Bursa upon finalisation of the regularisation plan, in accordance to the requirements under PN17 or as and when it is required,” it said.

Kuantan Flour Mills’ share prices have more than doubled since its closing of 5 sen on May 5. It touched an intraday high of 13 sen yesterday (May 10), before closing at 12.5 sen, after seeing 5.12 million shares exchanged.

Today, the group fell two sen or 16% to 11 sen, giving it a market capitalisation of RM6.14 million