Microlink gets UMA query after share price spikes

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KUALA LUMPUR (Sept 8): Bursa Malaysia Bhd has issued an unusual market activity (UMA) query to Microlink Solutions Bhd, following the rise in the company’s share price today.

Microlink saw its shares spike 33% today, from yesterday’s closing of 88.5 sen.

In a filing, the exchange queried whether there were any unannounced corporate developments, rumour, report or any other possible explanation for the unusual trading activity.

In a separate statement, the company said it has been granted a further extension of time of six months from Aug 28, 2015 until Feb 27, 2016, to comply with the public shareholding spread requirements for ACE Market-listed stocks.

Microlink had previously requested for a further extension of 12 months up to Aug 27, 2016, to meet the 25% public shareholding spread requirement.

“Based on the register of depositors as at Aug 28, the company’s public shareholding spread was 20.49%. The company has initiated some rectification plans as announced on Oct 27, 2014, which implementation is ongoing,” said the company.

Microlink closed up 29.5 sen, or 33%, at its intraday high of RM1.18, giving it a market capitalisation of RM134.7 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.)