Toyo Ink says unaware of reason for UMA

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KUALA LUMPUR (Feb 22): Ink maker Toyo Ink Group Bhd, which is diversifying into energy generation, said it is unaware of the reasons for the recent sharp rise in the price of the company's shares.

In a reply to Bursa Securities' unusual market activity (UMA) query earlier, Toyo Ink said there is no corporate development relating to the group's business and affairs that has not been previously announced that may account for the UMA.

It added that it is also not aware of any rumour or report concerning the business and affairs of the group that may account for the UMA.

Shares in Toyo Ink rose as much as 30 sen or 38.5% to hit an intraday high of RM1.08 today, hitting limit-up in the morning session and triggering an UMA query by Bursa.

The counter pared some gains to close 23 sen or 29.49% higher at its five-year high of RM1.01.

A total of 5.86 million shares were traded, making it the sixth biggest gainer on Bursa today. At current closing price, its market capitalisation stood at RM108.07 million.

In September last year, Toyo Ink managing director Steven Song told The Edge Financial Daily that the company has "readied a few equity partners" to jointly develop a US$3.45 billion, 2x1000MW coal-fired thermal power plant in Hau Giang, Vietnam.

Song did not disclose the names of the partners to develop the power plant — in which Toyo Ink intends to hold a 40% stake — but hinted that they are energy players.