KUALA LUMPUR (July 13): Texchem Resources Bhd has received an unusual market activity (UMA) enquiry from Bursa Malaysia Securities Bhd today over the spike in the company’s share price and volume.

At noon break, shares of the diversified group rose as much as 36.8% or 23 sen apiece to 85.5 sen, with 7.96 million shares done. This came after the stock settled 34.04% or 16 sen higher at 63 sen last Friday, after 5.49 million shares changed hands.

The counter’s 200-day average volume stood at 134,634 shares.

Texchem’s share price has soared 81.91% from last Thursday’s closing price of 47 sen. At the latest price, the group’s market capitalisation stood at RM106.1 million. Year to date, the stock’s value has increased by 78.13% or 37.5 sen.

Bursa queried Texchem whether it has any unannounced corporate development or reports that may account for the unusual trading activity recently.

The bourse regulator also asked if the company was aware of any other possible explanation for the trading activity, and if the company was in compliance with Bursa’s listing requirements.

Texchem has four business divisions namely restaurant, industrial, food and polymer engineering, with operations that span across the Asean region and Japan, according to its website.