KUALA LUMPUR (Oct 21): Tex Cycle Technology Malaysia Bhd, which saw its share price almost hit a nine year high today, says it is not aware of any reason that may have contributed to the recent sharp rally in its share price.

In response to the unusual market activity (UMA) query issued by Bursa Malaysia earlier today, the recycling and recovery of scheduled waste specialist said it is not aware of any corporate development, rumour, report or explanation to account for the sharp rise in its share price.

However, it pointed out that its single largest shareholder Can Cycle Sdn Bhd, had on Oct 7 and Oct 19, sold a total of 10 million shares to institutional funds at RM1.20 a piece, for a total consideration of RM12 million.  

It did not disclose the identity of institutional funds that acquired the shares.  

Trading in Tex Cycle's shares has been at the uptrend since Aug 27, since when it climbed by 90 sen or 183.67% to close at RM1.39 today, from 49 sen at that time.

A total of 884,100 shares traded between RM1.36 and RM1.41 today.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)