Bursa Malaysia issues UMA query to Tanco Holdings

KUALA LUMPUR: Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query to Tanco Holdings Bhd over the sharp rise in its share price and trading volume recently.

"Investors are advised to take note of the company’s reply to the UMA query, which will be posted on Bursa Malaysia’s website under the Company Announcements (section) when making their investment decision," the exchange said in a statement today.

According to the company's website, prior to 1995, the company was principally engaged in the production and sale of rubber sheets and cultivation of oil palm fruits from its plantation in Kuantan, Pahang.

In January 1997, Tanco completed the acquisition of Tanco Properties Sdn Bhd's entire issued and paid-up share capital, the developer of Bandar Country Homes (BCH) Stage 1 covering 268 acres, and Tanco Development Sdn Bhd, the developer of BCH Stage 2 on freehold 480 acres, both in Rawang.

These acquisitions widened the scope of the group's property development activities and increased its land bank to over 1,000 acres of prime development land.

In February 1998, Tanco completed the acquisition of the entire issued and paid-up capital of Tanco Resorts Bhd, enabling the group to move into the vacation ownership business and those related to tourism, leisure and entertainment.

At 12.30 pm, the counter rose 60.5 per cent from 12.5 cent with 64.6 million shares traded. - Bernama