KUALA LUMPUR: Only World Group Holdings Bhd’s (OWG) shares rose as much as 21 sen or 7.9% yesterday, after the leisure and hospitality services provider, in reply to an unusual market activity (UMA) query, announced that it was in discussions with certain parties relating to possible business transactions.

The stock hit an intraday high of RM2.87 before easing to close up 15 sen, or 5.64% at RM2.81, yesterday, with 1.05 million shares traded. Its market capitalisation stood at RM519.85 million.

“The company is in the very early stages of discussions with certain parties relating to possible business transactions, of which the discussions are still in a state of flux at this juncture,” it told Bursa Malaysia, which vide a letter dated May 13, 2015, had queried OWG on the recent increase in the company’s share price.

OWG said it will make the necessary announcement(s) in compliance with its obligations under the Main Market listing requirements of Bursa once the terms have been finalised and agreements have been executed for the possible business transactions.

OWG also said that it is unaware of any rumour or report concerning the business and affairs of the company that may account for the recent UMA.

Trading of the stock was suspended for an hour between 9am and 10am yesterday.

This article first appeared in The Edge Financial Daily, on May 15, 2015.