KUALA LUMPUR (Jan 31): Bursa Malaysia has issued an unusual market activity (UMA) query to Cypark Resources Bhd after its trading price and volume spiked recently.
In a bourse filing, Cypark said the stock exchange regulator had asked if there was any corporate developments that were not previously disclosed, rumours or reports concerning the business affairs of the group, other possible explanations for the unusual trading activity, as well as whether the group was in compliance with the listing requirements of the bourse.
Cypark’s share price had jumped to a 19-month high of RM1.04 on Monday (Jan 30), almost double its closing price of 69 sen on Jan 20, when the group announced that Jakel group managing director Datuk Seri Mohamed Faroz Mohamed Jakel had acquired 2.68 million shares in Cypark, raising his direct shareholdings in the group to 27.02 million, or 3.53%.
He also has an indirect interest in the group of 203.67 million shares or 23.08% in Cypark through Jakel, which emerged as Cypark’s single largest shareholder on Jan 4 after it had acquired 176.65 million new shares under its private placement exercise for RM67.1 million or 38 sen apiece.
Most of the funds raised will be used for the development of Cypark’s large-scale solar 2 (LSS2) floating solar photovoltaic projects at Danau Tok Uban, Kelantan, while the remainder is to be used for working capital for its solid waste modular advanced recovery and treatment waste-to-energy (SMART WTE) plant at Ladang Tanah Merah, Negeri Sembilan.