KUALA LUMPUR (Feb 22): Fish breeder Xian Leng Holdings Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia over the sharp rise in its share price and volume.
Over the past week, the stock had risen 62 sen or 63.3% from 98 sen. Since the beginning of this year, it has gained 181%.
The momentum continued today, with the counter closing the day 29 sen or 22.14% higher at a 15-year high of RM1.60, valuing the group at RM153.36 million.
Some 17.48 million Xian Leng shares were traded today, 22.7 times more than its 200-day average volume of 769,913 shares.
Bursa has asked Xian Leng to disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, for the sharp increase in its share price.
The exchange also asked the group if it is still in compliance with the Bursa Securities Listing Requirements, in particular Paragraph 9.03 on immediate disclosure obligations.
Earlier this month, Xian Leng had proposed a private placement of up to 20% of its issued shares to raise funds for its future acquisitions or investments of new businesses as well as working capital. Last Friday, it announced the completion of the listing of the 15.91 million placement shares.