KUALA LUMPUR (July 20): Versatile Creative Bhd, whose share price closed at a near two-year high in active trading today, said it is in the process of exploring a new business arrangement.

"Versatile Creative has been continuously on the lookout for opportunities to expand its core business and/or diversify its current businesses to enhance the earnings and improve its financial performance," the group said in a filing with Bursa Malaysia.

"[The] group is currently in its preliminary stage of exploring with its major shareholder pertaining to a potential business arrangement," it added, and said it will make a further announcement if there is any material development with regard to the matter.

The one-stop printing and packaging solutions provider was responding to a query from Bursa Malaysia today on the unusual market activity (UMA) in the group's shares.

Versatile Creative said apart from that, it is not aware of any reason in relation to the group's business and affairs that may account for the trading activity.

The counter's upward trajectory began on July 7, when it was trading at 38.5 sen.

It has since surged 82% to close at 70 sen today, up eight sen or 12.9% from yesterday, with a market capitalisation of RM244.98 million.

Some 5.88 million shares were traded, 20 times more than its 200-day average trading volume of 298,119 shares.