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

SAM Engineering slapped with UMA query as share price hit all time high after limit up
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KUALA LUMPUR (July 30): Hardly traded SAM Engineering & Equipment (M) Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia, after the stock shot up RM2.48, almost 30%, to an all-time high of RM10.80.

The counter has climbed 52% in six trading days from RM7.10 on July 22.

Its trading volume swelled to 1.76 million shares — the highest level since September 2007.

SAM Engineering emerged as one of the top gainers in the local bourse today. Since the beginning of the year, the stock rocketed by 46.94% from RM7.35 registered in January. 

In a bourse filing today, SAM Engineering investors are advised to take note of the company’s reply to the UMA query, when making their investment decision.

Bursa has asked the group to disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons for the sharp increases in its share price and volume.

SAM Engineering, which provides precision machining, equipment integration and automation solutions to aerospace and equipment industries, reported a net profit of RM59.70 million or 44.17 sen per share in the financial year ended March 31 (FY20), from RM79.82 million or 59.06 sen per share registered in the previous year (FY19). 

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. 

Kathy Fong