Bursa advises caution on Gets Global’s shares

by SHAHEERA AZNAM SHAH / pic credit: ANNUAL REPORT

BURSA Malaysia Bhd warned investors to be cautious following the recent unusual market activity (UMA) notice in Gets Global Bhd’s shares.

The local bourse, in a statement yesterday, stated that it will take appropriate regulatory action to ensure fair and orderly trading of the shares of the express bus services provider that is planning to move into the manufacturing of rubber gloves.

“Bursa Malaysia wishes to draw investors’ attention to the recent sharp rise in the price of Gets Global’s shares and to the company’s responses to the latest two UMA queries issued by Bursa Malaysia on Oct 20, 2020 and Nov 12, 2020.

“We would like to advise investors to exercise caution and to make informed decisions in the trading of Gets Global’s shares.

“We will not hesitate to take appropriate regulatory action to ensure fair and orderly trading of Gets Global’s shares,” the exchange stated.

The bourse added that Gets Global has confirmed in its responses to the two UMA queries that it was not aware of any corporate development or explanation that could give rise to the unusual trading activities in its shares.

Gets Global added that after making due inquiries with its directors, major shareholders and other relevant persons, it did not know of any corporate development in relation to its affairs that had not been previously disclosed that could contribute to the trading activity.

The express bus services provider stated that it was also unaware of any rumour, report or any other possible explanation for the trading activity.

Gets Global’s share price rose 25.24% or 80 sen to RM3.97 at close yesterday after hitting a high of RM4.05 and low of RM3.20 in intraday trading.

This spike in its share price yesterday translates into a market capitalisation of RM500.22 million for a company whose external auditors recently raised concerns of material uncertainty to remain as a going concern.