PDZ says unaware of reason behind share price, volume spikes

PDZ says unaware of reason behind share price, volume spikes
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KUALA LUMPUR (July 10): PDZ Holdings Bhd, which received an unusual market activity (UMA) query from Bursa Malaysia today, says it is not aware of any reason that could explain the sharp rise in its share price and volume recently.

“The directors are not aware of any other possible explanation to account for the trading activity,” the group said in a local bourse filing in response to the UMA query.

“The directors are not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity,” it added.

It also said there are no corporate developments relating to the group’s business and affairs that have not been previously announced that may account for the trading activity, including those in negotiation or discussion.

PDZ is involved in the container liner business. According to its website, it operates six vessels that cover domestic and regional trade between Malaysia, Brunei, Singapore and Myanmar.  

Its share price has shot up 193% over the past three days from nine sen on July 7 to its closing price of 20.5 sen today, boosting its market capitalisation from RM79.79 million to RM181.75 million.

The stock's trading volume, which surged to a historic high of over 1 billion shares on Wednesday, remained high at 974.53 million shares today.