KUALA LUMPUR (July 22): One-stop printing and packaging solutions provider Versatile Creative Bhd today said the group is exploring a potential business arrangement in trading, wholesale and retail in groceries and wet market items with its major shareholder, NSK Trading Sdn Bhd.
In a filing to Bursa Malaysia today, the group said its business exploration is still at preliminary stage at this juncture and no decisions, agreement or conclusions have been made in so far on the exploration including the total investment or capital outlay as well as the financial and operational impact on the group.
“Reference is made to the company’s reply to the unusual market activity (UMA) dated July 20, and the subsequent query letter from Bursa Malaysia Securities Bhd (Bursa Securities) dated July 21, 2020 for additional information for public release.
“The company will make the relevant announcements in compliance with the Main Market Listing Requirements (LRs) of Bursa Securities in the event of any material development pertaining to the potential business arrangement mentioned above.
“The board further wishes to advise shareholders and investors to trade with caution and consult their stock brokers/advisers when dealing in the shares of the company,” it said.
On Monday (July 20), Bursa Securities issued a UMA query to Versatile Creative on the company’s sharp rise in share price and trading volume recently.
In its query, the stock exchange regulator asked the company if there were any corporate developments relating to its business that had not been announced that may account for the unusual trading activity. If so, Versatile Creative needs to provide such details.
At noon break, shares in Versatile Creative were 1.5 sen or 2.4% higher at 64 sen, bringing its market capitalisation to RM162.97 million.