Watta says CEO exploring certain proposals previously

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KUALA LUMPUR (Aug 28): Loss-making Watta Holding Bhd, whose share price jumped to a record high of 74.5 sen during yesterday's trading, said today its deputy group executive chairman and chief executive officer Datuk Lee Foo San was "exploring certain corporate proposals previously[,] which had been aborted".

It said this in a statement filed to Bursa Malaysia today in response to an unusual market activity (UMA) query from the bourse regulator that was issued yesterday.

Save for the above, the company said it was not aware of any rumour or report concerning its business and affairs, or any corporate development that had not been previously announced, that may account for the UMA.

Watta also said it remains in compliance with Paragraph 9.03 of Bursa Malaysia's listing requirements, which deals with immediate disclosure obligations.

"The board notes the increase in the market prices of Watta shares over the last few days. The board wishes to advise shareholders to trade with caution and consult their stock brokers/advisers," it added.

It also said it will make the necessary announcements to the stock exchange should there be any material development with regards to its business.

Listed on the Main Market since April 1996, Watta shares dropped 3.5 sen or 5.34% to 62 sen at 3.15pm today, for a market capitalisation of RM52.38 million.

The stock, which settled at 30 sen apiece on Aug 17, has more than doubled to close as high as 66 sen on Monday.