KUALA LUMPUR: Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query to GIIB Holdings Bhd
following a sharp decline in its share price on Thursday.
The rubber compounds manufacturer tumbled 23.94%, or 17 sen, to 54 sen, with 58.5 million shares changing hands. Despite Thursday’s sharp decline, the counter has surged 575% year-to-date.
In a filing, the stock exchange requested GIIB to clarify whether there were any previously undisclosed corporate developments, including ongoing negotiations or discussions, that could have contributed to the decline.
Bursa Malaysia also asked the company to confirm whether it was aware of any rumours, reports or other possible explanations for the unusual trading activity.
GIIB was further required to confirm its compliance with Bursa Malaysia's listing requirements, particularly those relating to immediate disclosure obligations.
The exchange directed GIIB to respond immediately after making enquiries with its directors, major shareholders and other relevant parties.
