Teladan Setia says not aware of reason for UMA

Teladan Setia says not aware of reason for UMA
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KUALA LUMPUR (Aug 8): Teladan Setia Group Bhd, whose share price climbed to a record high last Friday (Aug 5), told Bursa Malaysia that it is not aware of any corporate development that would have caused the unusual market activity (UMA).

In its filing to the local bourse on Monday (Aug 8), the Melaka-based property developer said it is not aware of any rumour or report concerning the business and affairs of the group that may account for the unusual trading activity.

The board also said it is not aware of any other possible explanation to account for the spike in its trading.

“The company is in compliance with the Main Market Listing Requirements (MMLR) of Bursa Securities, in particular Paragraph 9.03 of the MMLR on immediate disclosure obligations,” it noted.

On Aug 5, the stock rose to as high as RM1.17 before it pared its gain to close at RM1.02.

Meanwhile, on the group’s earnings, its net profit climbed 33.3% to RM9.47 million in the first quarter ended March 31, 2022, from RM7.1 million a year earlier, on higher revenue.

Quarterly revenue grew 42.4% to RM58.9 million from RM41.35 million, mainly due to better sales and progress in the group’s Bali Residences and Taman Desa Bertam Phase 2 and 3A projects.

At noon break on Monday, shares in Teladan Setia closed two sen or 1.96% lower at RM1, valuing the property developer at RM805.3 million.

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Teladan Setia gets UMA query as shares hit record high

Surin Murugiah