Ajinomoto's price surge comes under scrutiny

  • Business
  • Monday, 23 May 2016

Ajinomoto attributed its better results to higher domestic sales and better margins from export sales arising from the appreciation in US dollar.

KUALA LUMPUR: Ajinomoto (Malaysia) Bhd's recent share price surge has come under scrutiny of Bursa Malaysia Securities Bhd which issued it an unusual market activity (UMA) query.

The regulator had on Monday ordered the food seasoning company to provide a reason for the UMA after enquiring with the directors, major shareholders and such other relevant persons.

At 12.30pm, Ajinomoto was up 34 sen to RM13.28 with 34,500 shares done.

Its share price has surged 15.4% from RM11.50 on May 16. Over the past 30 days, its share price has jumped 41.2% from RM9.40.

The FBM KLCI was up 1.45 points or 0.09% to 1,630.24. Turnover was 894.27 million shares valued at RM478mil. There were 260 gainers, 387 losers and 346 counters unchanged.

Bursa Securities had also advised investors to take note of Ajinomoto's reply to the UMW query when making their investment decisions.

Ajinomoto is a food and seasoning manufacturer which is well-known for its Ajinomoto Umami Seasoning, a world-renowned brand of monosodium glutamate (MSG).

Umami is described as savoury, and is the fifth basic taste apart from sweet, sour, bitter and salty.

Other brands under its belt are seasoning products Tumix, Seri-Aji, Aji-Shio, Aji-Mix, and sweetener PalSweet.

The group also produces seasoning variants for industrial use.

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