Kobay shares extend rally despite Bursa query

KUALA LUMPUR: Share price of Kobay Technology Bhd extended its gains at midday on Thursday, rising to a high of RM2.37 despite a query from Bursa Malaysia Securities.

At midday, it was up 49 sen to RM2.32 with 17 million shares done.

The company replied to Bursa Securities it was not aware of the factors for the sharp rise in the price and volume of the shares on Wednesday.

It said it had enquired with the directors and major shareholder seeking their views on the matters over the unusual market activity.

Kobay said there was no corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion.

“The company is unaware of any rumour or report concerning the business and affairs of the group that may account for the unusual market activity.

“The company is unaware of any other possible explanation to account for the unusual market activity, ” it said.

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