Bursa issues warning over GPlus share price surge

  • Business
  • Wednesday, 28 May 2008

PETALING JAYA: Bursa Malaysia yesterday warned that appropriate regulatory action would be taken to ensure fair and orderly trading of Golden Plus Holdings Bhd (GPlus) securities.

This is following the persistent rise in the share price despite the lack of fresh developments in the company’s business.

The regulator said in a statement the loss-making GPlus had not submitted its audited consolidated financial statements for the year ended Dec 31 (FY07), which were due on April 30.

The unaudited accounts showed a net profit of RM8.93mil for FY07 compared with a net loss of RM11.8mil in FY06.

Bursa advised investors to exercise caution and due diligence on the trading of GPlus shares and base their investment decisions on the company’s fundamentals.

“Bursa will not hesitate to take appropriate regulatory action to ensure fair and orderly trading of GPlus securities,” it said in a statement issued at midday.

Despite the warning, GPlus closed 24 sen higher at RM2.24 on volume of 4.17 million shares. Year-to-date, the share price is up 34.9% or 58 sen.

Bursa also advised investors to take note that GPlus, in reply to its query over unusual market activity on May 14, had stated there was no material and recent development in its business to explain the share price rise.

Bursa had earlier yesterday queried the company over a report that GPlus shareholders had finally succeeded in removing seven incumbent directors and appointed five new ones at an EGM on Monday.

The query followed conflicting statements from GPlus and also Indian Corridor Sdn Bhd and Pembangunan Qualicare Sdn Bhd following the outcome of the EGM.

The regulator then directed GPlus to provide a statement “immediately” for public release.

Yesterday, in response to the Bursa directive, GPlus denied that Indian Corridor and Pembangunan Qualicare had succeeded in removing the directors of GPlus and appointed five new directors.

 GPLUS :  [Stock Watch]  [News]

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