KUALA LUMPUR (May 25): Sanichi Technology Bhd, which was slapped with an unusual market activity (UMA) query by Bursa Malaysia earlier today, said it is unaware of any reason for the sharp fall in its share price recently.
In a bourse filing, the loss-making ACE Market-listed company said it is unaware of any rumour or report concerning the business and affairs of the group that may account for the UMA.
"There is no corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion," Sanichi added.
Shares in Sanichi have fallen 73% year-to-date to close at 7.5 sen today, down two sen or 21.05% from yesterday's closing. Its market capitalisation stood at RM105.25 million. A total of 59.72 million shares were traded.
In April, the precision plastic injection mould company announced that it was diversifying into the rubber glove industry via the issuance of over 1.42 billion renounceable rights issue at an issue price of eight sen, with up to 712.21 million free warrants. The free warrants will be on the basis of six rights shares together with three warrants for every one consolidated share held.
It had also completed its share consolidation of every 10 shares in the group into one new share.