PETALING JAYA: Ipmuda Bhd, which has been issued with 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.
In its reply to the UMA query yesterday, the company said there was no other corporate development relating to its business and affairs that had not been previously announced that may account for the trading activity.
The company noted that it had disclosed in a circular to shareholders dated Nov 26,2020 that it is monetising its various non-core assets, such as land and properties in order to improve its financial position.
Ipmuda added that details of the disposal of its non-core assets in the past 12 months had been disclosed.
“The board is continuously identifying and in discussions with various parties to further improve its financial position and also for working capital requirement.
Ipmuda surged 39 sen or 30% to RM1.69 on Monday. The stock fell 19 sen to close at RM1.50 yesterday.