KUALA LUMPUR (July 28): Oversea Enterprise Bhd (OEB), which received an unusual market activity (UMA) query from Bursa Malaysia today, said it is not aware of any reasons that could explain the sharp rises in its share price and volume recently. 

In an exchange filing in response to the UMA query, the small-cap restaurant chain operator, however, said two of its directors and a major shareholder had been approached by a potential investor. 

"The parties are in discussions on the proposed disposal of their respective shares in OEB to the potential investor," it said. 

OEB, however, added that it is not aware of any corporate development relating to the group’s business and affairs that have not been previously announced that may account for the trading activity, including those in the stage of negotiation or discussion.

In early trade today, shares of OEB climbed to a record high of 36.5 sen in brisk trading.

At market close, the stock pared some of its gains to close at 33 sen, valuing the group at RM81.32 million. The counter has climbed by 83% over the past one month, and 153% year-to-date.

(This report has been updated)