KUALA LUMPUR: Bursa Malaysia Securities has queried MLabs Systems Bhd
after its share price surged to a record high of 46.5 sen on Friday in active trade.
At 11am, it was up 3.5 sen to 40.5 sen. There were 49.54 million shares done at prices ranging from 36 sen to 45.5 sen.
The FBM KLCI was down 1.11 points or 0.06% to 1,752.67. Turnover was 860.90 million shares valued at RM398.10mil. There were 266 gainers, 296 losers and 345 counters unchanged.
MLabs' core activities are research and development in multimedia video conferencing systems as well as assembling and trading of multimedia video conferencing systems and equipment.
The regulator had directed the company to enquire with its directors, major shareholders and such other relevant persons, on the reasons for the unusual market activity.
It queried the company whether there was any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion.
It also advised the public to take note of the company's reply.