KUALA LUMPUR (July 13): Texchem Resources Bhd, which has received an unusual market activity query from Bursa Malaysia following the recent jump in its share price, said the trading interest in its stock might have been driven by an article on an investment-focused blog.

The article had extracted information from the company's magazine "Texview", a regular quarterly in-house publication that was made available on the company's website in early November 2019, Texchem said in a stock exchange filing.

"Texview is a publication on the happenings within the group consisting of operational business activities and employee engagement. The interest in the article published in Texview in November 2019 may arise due to the current development in the glove industry as a result of the impact of Covid-19 pandemic," Texchem said.

The article shared that Texchem Malaysia Sdn Bhd, its indirect wholly-owned subsidiary, had developed an in-house formulation for effective cleaning and anti-tack agents that are both essential products in the glove-making industry, Texchem said. "The supply of cleaning and anti-tack agents is in the ordinary course of business of Texchem Malaysia and hence, it did not require any announcement to be made to Bursa Securities," it added.

Other than this, it said there are no corporate developments relating to the group's business and affairs that have not been previously announced, which might account for the trading activity seen, including those in negotiations or discussions.

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.

At market close, Texchem's share price settled at 85 sen, up 36% or 22.5 sen, giving it a total market capitalisation of RM105 million. The counter saw some 9.36 million shares traded.