KUALA LUMPUR (Jan 23): Scanwolf Corp Bhd's share fell to a low of 89 sen in morning trades today after being queried by Bursa Malaysia over its recent share price and trading volume rally.

The counter is the top decliner across the stock exchange this morning, after opening at RM1.

As of 10.51am, Scanwolf (fundamental: 0.55; valuation: 0.6) was trading at 89.5sen, down 10.5 sen or 10.5%.

Some 182,000 shares were traded between 89 sen and 99.5 sen. Its market capitalisation stands at RM72.52 million.

Scanwolf was slapped with an unusual market activity (UMA) query by Bursa yesterday, after a series of higher closings for the stock over the past three weeks, and a 75.44% jump from its lowest point of 57 sen this month.

Yesterday alone, the manufacturer of PVC compounding and plastic extrusions-cum-property developer saw its share price gained 12.5 sen or 14.29% to RM1 a piece. A total of 2.71 million shares changed hands.

This prompted Bursa to ask the company to disclose any corporate development, rumour, or report that could have led to the sharp rise in price and volume.

According to an earlier filing, Scanwolf had announced a change in the joint-venture agreement its wholly-owned subsidiary, Scanwolf Properties Sdn Bhd (SPSB) and Scanwolf Development Sdn Bhd (SDSB), a 51% owned subsidiary of SPSB, over a property development project in Kampar Perak dubbed Kampar Putra II.

SPSB, being the landowner, is now bound to receive a 60% entitlement from the project, instead of 20% as previously agreed in July 2012.

The reason for the change being SPSB has been continually funding the development cost of the project, although developer SDSB was supposed to do so, as agreed in the joint venture agreement.

The filing did not state the potential gross development value of the project.