Nova MSC unaware of sharp share price rise

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KUALA LUMPUR (Nov 11): ACE Market-listed Nova MSC Bhd said it is not aware of any corporate development relating to the group's business and affairs that may have led to the recent rise in its share price and trading volume.

“(Nova MSC) is not aware of any rumour or report concerning the group's business and affairs or any other possible explanation that would account for the trading activity,” it said in a filing with Bursa Malaysia today.

The business software solutions provider was slapped with an unusual market activity (UMA) query by Bursa yesterday.

However, the group noted that it is currently undertaking a proposed private placement of up to 20% of its issued share capital, which was approved by its shareholders on Sept 30, 2014.

“The group is in the midst of identifying placees pursuant to the private placement and will make the necessary announcements as and when the group identifies these placees in accordance to the ACE Market Listing Requirement of Bursa,” Nova MSC added.

The group saw its share price gained 42% to close to a new one-year high of 18.5 sen yesterday, from 13 sen on Friday. Nova MSC shares fell 8.11% or 1.5 sen to close the morning session at 17 sen, with 49.5 million shares traded. It is Bursa's second top loser and second most active stock today. Its market capitalisation stood at RM69.3 million.