Bursa Malaysia issues UMA on Kumpulan Powernet

The group, in a filing yesterday, said it was not aware of any other possible explanation for the movement in its share price.

KUALA LUMPUR: Kumpulan Powernet Bhd has been issued with an unusual market activity query by Bursa Malaysia owing to its recent sharp rise in its share price. 

The group’s share price has been on the rise since early last month with the most substantial increase occuring on May 14, when the stock leapt 12.5 sen, or 33.78% to 49.5 sen a share.

At 12.30pm, the textile manufacturer added 3.5 sen to 82.5 sen. 

Bursa Securities had directed the company to check with its board of directors and shareholders on the reason for the rise in share price and advise investors accordingly.