HCK Capital gets UMA query after share price spike

KUALA LUMPUR (April 12): Bursa Malaysia has issued an unusual market activity (UMA) query to HCK Capital Group Bhd, following the recent spike in the company's share price.

The counter climbed RM1.05 or 20.39% today to close at RM6.20 following trades of 62,200 shares. Over the past week, the counter has gained RM2 or 48% since its closing of RM4.20 on April 5.

In a filing, the bourse regulator requested HCK to respond to the query and state whether there are any corporate development, rumour, report or any other possible explanation to account for the trading activity.

Just last Friday (April 7), HCK proposed a one-to-five share split, together with a renounceable rights issue of approximately 210.58 million warrants at an issue price of 5 sen per warrant, to raise RM10.53 million.

Of the proceeds to be raised, RM6 million was earmarked for property-related acquisitions and expenses, while the balance would be used for working capital purposes (RM3.93 million) and to cover its estimated expenses for the proposals (RM600,000). — theedgemarkets.com

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