Latitude Tree says unaware of reason for UMA

Latitude Tree says unaware of reason for UMA
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KUALA LUMPUR (Sept 8): Latitude Tree Holdings Bhd said it is unaware of any corporate development that could have contributed to the unusual market activity (UMA) regarding its share price.

Latitude was slapped with an UMA query by Bursa Securities after the company’s share price rose as much as 30% yesterday. 

The stock hit limit-up yesterday after it closed up 30% or 63 sen at RM2.73, with some 582,800 shares traded. 

In a filing with Bursa today, Latitude said it was unaware of any rumour or report concerning the business and affairs of the group or other possible explanation to account for the UMA. 

“There is no corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion, save for the Memorandum of Understanding [MoU] between Rhong Khen Timbers Sdn Bhd, a wholly-owned subsidiary of Latitude, and Advancecon Solar Sdn Bhd and the Memorandum of Understanding between Latitude Tree Furniture Sdn Bhd, a wholly-owned subsidiary of Latitude, and Advancecon Solar Sdn Bhd, both announced on July 17, 2020,” it added. 

For the MoU between Rhong Khen Timbers and Advancecon Solar, it was to develop rooftop solar photovoltaic system under the net energy metering scheme on the rooftop of Rhong Khen Timbers’ premises located in Aijil, Trengganu. 

In a separate filing, Latitude said Latitude Tree Furniture had entered into the MoU with Advancecon Solar to develop rooftop solar photovoltaic system under the net energy metering scheme on the rooftop of Latitude Tree Furniture’s premises located in Kapar, Selangor. 

The net energy metering scheme will be done via adoption, execution and implementation of the supply agreement with renewable energy between the companies and Tenaga Nasional Bhd. 

At noon break, Latitude fell 8.79% or 24 sen to RM2.49, after some 997,000 shares exchanged hands. Year-to-date, the counter has fallen 13% from RM2.85 on Jan 2. 

Read also:
Latitude Tree gets UMA query after shares hit limit-up

Surin Murugiah