KUALA LUMPUR (Feb 8): Mentiga Corp Bhd, whose share price rose 21% to a high of RM1.17 earlier today, said it is unaware of the reason for the sharp rise in its share price and trading volume recently.

In response to an unusual market activity (UMA) query by Bursa Malaysia Securities, the group said there was no rumour or report concerning the business and affairs of the group, besides adding that it is not aware of any possible explanation that may account for the trading activity.

"After making due enquiry with the board of directors and major shareholders of the company and to the best of their knowledge, wish to inform that as of to date all corporate development relating to Mentiga's business and affairs had been announced in compliance with MMLR [Main Market Listing Requirements],” it said in a bourse filing today.

The group said that all this while, it has been adhering to the requirements of MMLR of Bursa Securities, in particular Paragraph 9.03 of the MMLR on immediate disclosure obligations.

At noon break, shares of Mentiga had risen 10.17% or nine sen to 98 sen, valuing the group at RM68.25 million. It saw some 7.74 million shares done.

Year to date, the stock climbed 63.33% from when it was trading at 60 sen apiece on Dec 31, 2020. 

Last Friday, Mentiga was slapped with a UMA query after its shares surged 51.28% or 30 sen to 88.5 sen at closing bell. This gave the group a market capitalisation of RM61.95 million.

According to Mentiga’s website, the principal activities of the company are investment holding, oil palm plantation, timber extraction and trading in timber-related products.