Ipmuda not aware of reason for spike in share price

- File pic

KUALA LUMPUR: Ipmuda Bhd, which was issued an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd, is unaware of any reason for the sharp rise in the price and trading volume of its shares.

It said there was no corporate development that had not been previously announced and that the company was also not aware of any rumour or report concerning its business and affairs that might account for the trading activity.

"In line with the group’s asset rationalisation exercise to unlock and realise the value of its non-core assets, the board is continuously in identifying and discussion with various parties to further improve its financial position and also for working capital requirements,” it said in a filing with the exchange today.

Ipmuda, which is involved in activities ranging from building materials trading to property development, reiterated that it was monetising various non-core assets, such as land and properties, to improve its financial position and had disclosed details of the disposal of its non-core assets in the past 12 months.

It also mentioned that the group was continuing with the existing business of trading with the diversification into renewable energy (RE) and healthcare businesses, which was approved by the shareholders on Dec 18, 2020.

"Currently it is challenging going forward given the industry’s dynamic and fluctuating landscape and also the current COVID-19 pandemic affecting the country.

"Nevertheless, the group has been actively identifying viable RE business and healthcare business," it said.

Yesterday, the group was queried by Bursa Malaysia after its share price surged 39 sen or 30 per cent to RM1.69 with 1.23 million shares traded. - Bernama

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Next In Business News

Bermaz profit raises to RM133.9mil in FY21
Palm oil reverses course to trade up 1% on stronger US soyoil
Uzma, Petra Energy JV wins onshore petroleum E&P contract in Sarawak
Ipmuda sells PJ property to Kerjaya Prospek, eyes expansion into renewable energy and healthcare businesses
Tenaga, plantations power KLCI sharply higher
Malaysia maintains CPO export tax at 8% for July
FDI slips to lowest since 2009 due to pandemic
Vehicle sales in May doubled on-year but minimal sales seen in June
Malaysia's Carsome weighs US listing with SPAC as option
Pound tumbles as virus resurgence clouds hope for UK recovery

Stories You'll Enjoy