KUALA LUMPUR (Jan 19): Lay Hong Bhd, the second top gainer on the bourse today, said that it is unaware of any reason for the recent sharp rise in its share price.

The poultry player said it does not have any corporate development that has not been previously disclosed that may account for the unusual trading, nor any rumour or report concerning the business and affairs of the group that may account for the unusual market activity (UMA).

Lay Hong had on Jan 11 announced that it would place out a 10% stake for RM30.5 million and set up a joint venture company with Japan's NH Foods Ltd (NHF) in a move to expand its overseas market.

It announced that it has entered into a share subscription agreement with NHF for the subscription of 5.2 million placement shares or a 10% stake in the company by NHF.

"The company will make the necessary announcement to Bursa Securities of any material information in compliance with Bursa Securities listing requirements," the group said in a reply to Bursa Malaysia's UMA today.

Lay Hong shares continued its uptrend today and closed at RM8.49, translating to a gain of 35.19% year to date. Its one-year high was RM8.50.

The counter saw 162,600 shares traded, for a market capitalisation of RM411.6 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)