SAM Engineering says not aware of any reason for sharp rise in share price, volume

SAM Engineering says not aware of any reason for sharp rise in share price, volume
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KUALA LUMPUR (Aug 2): SAM Engineering & Equipment (M) Bhd, which was issued with an unusual market activity (UMA) query by Bursa Malaysia on Friday (July 30), said it is not aware of any corporate developments that would have caused the sharp rise in its share price and volume. 

In a local bourse filing today, the group highlighted that the board is not aware of any rumour or report concerning the business and affairs surrounding the company that may account for the trading activity. 

“The management provides regular updates at investor briefings and the latest briefing had been conducted on Feb 24, 2021,” it said. 

“Whilst the management continuously pursues business opportunities, the board is not aware of any specific corporate development relating to SAM Group’s business and affairs that has not been previously announced which might account for the trading activity,” it added. 

It also said the company is in compliance with Bursa Securities' Listing Requirements on immediate disclosure obligations.

To recap, the stock has been slapped with a UMA query by Bursa Malaysia on July 30, after the stock shot up RM2.48, almost 30%, to an all-time high of RM10.80.

Since the beginning of the year, the counter has climbed by 46.67% from RM7.35 recorded in January. 

SAM Engineering, which provides precision machining, equipment integration and automation solutions to aerospace and equipment industries, reported a net profit of RM59.7 million or 44.17 sen per share in the financial year ended March 31, 2021, from RM79.82 million or 59.06 sen per share registered in the previous year. 

The Penang-based company has declared a dividend per share of 11.03 sen.

Notably, Singapore’s Temasek Holdings is the single largest shareholder of the company, holding a 71.54% stake. 

At noon break today, shares in SAM Engineering closed two sen or 0.19% lower to RM10.78, giving it a market capitalization of RM1.46 billion.

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SAM Engineering slapped with UMA query as share price hit all-time high after limit up

Joyce Goh