KUALA LUMPUR, Malaysia (July 8): Y&G Corp Bhd, whose share price hit a high of RM1.66 today after soaring 30 percent or 38 sen, said it has no idea what triggered the sharp price increase. It disclosed this in a filing in response to a Bursa Malaysia enquiry about unusual market activity (UMA) earlier today, following a rapid jump in its share price and trading volume.
The business had received the UMA question from the local stock market operator for the second time this year. The first one came out on May 20.
Y&G’s share price fell one sen to RM1.65 at market closing, although it was still up 37 sen, or 28.91 percent, from yesterday’s close. The property development and property investment services company has a market value of RM358.67 million at its current share price.
The stock has increased by roughly 190 percent since the beginning of the year, when it was trading at 57 sen.
“We are not aware of any rumour or information affecting the group’s operations and affairs that may account for the trading activity,” it said in a filing early today. “We are also not aware of any other plausible reason to account for the trading activity,” it said.
The company also stated that it complies with the Bursa Securities Listing Requirements for immediate disclosure.
The group’s net profit for the entire financial year ending December 31, 2020 (FY20) fell by 80.83 percent to RM772,000 from RM4.03 million the previous year (FY19).
The group’s yearly sales declined by 34.45% to RM39.29 million in FY19, down from RM59.94 million the previous year.
Y&G is an investment holding firm that provides property building and management services in the country, according to the group’s website.
It also engages in residential, commercial, and industrial property investment and development, as well as construction and general trading activities.
Also see: Bursa sends Y&G a second UMA query/n
