Ipmuda not aware of reason for spike in share price

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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

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