KUALA LUMPUR: Sam Engineering & Equipment (M) Bhd is unaware of the reasons for the sharp rise in price to a record of RM10.80 amid strong volume last Friday.
In its reply to Bursa Securites on Monday, it 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, its share price surged by RM2.48 or limit-up to RM10.80.
At noon on Monday, it was down two sen to RM10.78.
SAM Engineering said the management provides regular updates at investor briefings and the latest briefing was on Feb 24.
“Whilst the management continuously pursues business opportunities, the board is not aware of any specific corporate development relating to SAM Engineering’s business and affairs that has not been previously announced which might account for the trading activity,” it said.