Woodlandor slapped with UMA query after share price hits limit up

Woodlandor slapped with UMA query after share price hits limit up
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KUALA LUMPUR (Jan 21): Loss-making Woodlandor Holdings Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia on the sharp rise in its share price and volume on Friday (Jan 21).

Shares in Woodlandor hit limit up and soared 35 sen or 29.66% to RM1.53, making it the second top gainer in the local bourse.

At RM1.53, the stock is valued at RM61.2 million. Its trading volume soared to 11.25 million shares, representing 28% of its issued share capital of 40 million.

The wood product maker's share price has doubled from 74 sen on Jan 5.

In a bourse filing, Bursa requested that the company disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, that might account for the UMA.

The regulator also asked whether the group is in compliance with the Bursa Securities Listing Requirements (LR), in particular Paragraph 9.03 of the Bursa Securities LR, on immediate disclosure obligations.

For the first quarter ended Sept 30, 2021 (1QFY22), the group's net loss widened to RM1.42 million from a net loss of RM1.17 million for the corresponding quarter in the previous year while revenue dropped to RM1.06 million against RM2.6 million in 1QFY21.

According to the group's website, Woodlandor develops and produces wood products for the building and construction industry primarily in Malaysia.

Kathy Fong