Widetech says it is unaware of any reason behind recent jump in share price

Widetech says it is unaware of any reason behind the recent sharp jump in its share price

Widetech says it is unaware of any reason behind the recent sharp jump in its share price

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KUALA LUMPUR (Feb 16): Precision spring manufacturer and management services provider Widetech (Malaysia) Bhd, whose shares jumped 29.6% or 37 sen today, said it is not aware of any reason that could have contributed to the sudden increase in its share price.

The company, in response to an unusual market activity (UMA) query from Bursa Malaysia, said it was not aware of any corporate developments, rumours or reports relating to its business and affairs that had not been previously announced, that could account for the higher trading activity.

"The Board is not aware of any other possible explanation to account for the trading activity," it said, adding it is not aware if there was any material information that required immediate disclosure from the company.

Widetech's counter settled at RM1.62 apiece today for a market capitalisation of RM72.50 million. While it was thinly traded — with just 1.01 million shares done — it was the third top gainer on the local bourse today. 

According to its website, Widetech specialises in the manufacture of precision springs, which are used in a cross section of industries ranging from electrical and electronics to automotive and general household and consumer products. 

Tan Choe Choe