KUALA LUMPUR: Mentiga Corporation Bhd, whose share price surged to a high of RM1.17 earlier on Monday, is unaware of the sharp rise in the price and trading volume of the shares recently.
In its reply to a query by Bursa Malaysia Securities said it had enquired with the board of directors and major shareholders of the company and there were no reasons for the unusual market activity.
At midday, its share price was up nine sen to a multi-month high of 97.5 sen.
There were 7.73 million shares done at prices ranging from 95 sen to RM1.17.
Mentiga’s core activities are oil palm plantation, timber extraction and trading in timber related products.
The holding company is Amanah Saham Pahang Bhd, which is wholly owned by the Pahang State Government. The issued shares of Mentiga is 70 million units.
At the current price it is trading at a price-to-earnings ratio of 6.21 times while its net tangible asset is RM2.62.