KUALA LUMPUR (May 14): Only World Group Holdings Bhd (OWG) rose as much as 21 sen or 8.3% today, after the leisure and hospitality services provider replied to the stock exchange over the unusual market activity involving its securities.

Shares in OWG were up by 15 sen or 5.64% to RM2.81 with 563,800 shares traded at 12.28pm.

In a reply to Bursa Malaysia Securities Bhd earlier this morning, the company had attributed its business discussions with certain parties as probable reason for the unusual market activity involving its securities.

It, however, qualified that the discussions were “still in a state of flux at this juncture”.

OWG also said that after making due enquiry with its board of directors and major shareholders and to the best of its knowledge told the stock exchange that as at to date the board also wishes to highlight that the possible business transactions may or may not materialise.

"The company will make the necessary announcement(s) in compliance with its obligations under the MMLR, once the terms have been finalised and agreements have been executed for the possible business transactions.

"Apart from the above, we are not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity," it said.

OWG is also not aware of any other possible explanation to account for the trading activity, it added.

Nevertheless, it said that the company is in compliance and will comply with the Main Market Listing Requirements of Bursa Securities, in particular on immediate disclosure obligations.

The leisure and hospitality services provider had gained about 10% since May 4 and was instructed by Bursa yesterday to disclose any corporate development related to its businesses and affairs that may account for the share price gain.

OWG shares were also suspended from 9am till 10am today, but no reason was given for the suspension of trading of the shares.