Bursa queries PMB Technology on sharp share price rise

by PRIYA VASU / graphic by MZUKRI MOHAMAD

PMB Technologies Bhd has been slapped with an Unusual Market Activity (UMA) query by Bursa Malaysia Bhd following a sharp rise in PMB’s share price and trading volume.

At press time PMB shares surged some 27% or RM2.54 share to an all time high of RM11.82.

In Bursa filing today the bourse requested PMB to respond to the query and disclose if any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the spike in trading activity and price including those in the stage of negotiation/discussion.

This includes any rumour or report concerning the business and affairs or any other possible explanation of the Group that may account for the trading activity.

“In this respect, you (PMB) are required to comply with Paragraphs 9.09 and 9.10 of Bursa Securities Listing Requirements.

“Investors are advised to take note of the Company’s reply to the above UMA query which will be posted at Bursa Malaysia’s website under the company,” Bursa stated.

PMB’s shares have surged 64% in the past five days.

PMB reported a net profit of RM11.58 million for the second quarter ended June 30, 2021 (2QFY21), from RM1.37 million in 2Q20 driven by better contribution from its manufacturing and trading segment.