Jade Marvel unaware of reason for spike in share price, volume

Jade Marvel said it had on April 13 announced it plans to undertake a private placement.

KUALA LUMPUR: Jade Marvel Group Bhd, whose share price surged to an intra-day high of RM1.30 in active trade last Friday and prompted a query from Bursa Malaysia Securities, replied it was unaware of the reason for the unusual market activity.

In its response on Monday, it said there was no any other corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity.

Jade Marvel said it had on April 13 announced it plans to undertake a private placement of up to 10% of the total number of issued shares of JMGB or to third party investor(s) to be identified later.

It also proposed to split its share from one into to two at a later date.

On April 30, the company announced the application pursuant to the proposals has been submitted to Bursa Securities.

Jade Marvel said it was not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity.

Last Friday, it closed off the day’s high at RM1.15.

At midday on Monday, its share price was down two sen to RM1.13 but off the intra-day low of RM1.02.

Formerly known as JMR Conglomeration Bhd, Jade Marvel’s core activities are road construction, manufacturing, quarry operations, property developments & asset investments.

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