IWCity says unaware of reason behind share price rally

KUALA LUMPUR (May 16): Iskandar Waterfront City Bhd (IWCity) said it is unaware of the reason behind the spike in its share price yesterday.

It said this in a filing today in response to an unusual market activity (UMA) query from Bursa Malaysia.

IWCity said there is no unannounced corporate development, rumour, report or any other possible explanation to account for the unusual trading of its shares.

Yesterday, IWCity’s share price hit limit up after rising 49 sen or 30% to RM2.13. The spike in interest was attributed to a possible reversal of the termination of the 60% stake sale in the Bandar Malaysia project.

Today, the stock closed 15 sen lower at RM1.98.It was the most-actively traded counter with 272.02 million shares changing hands. — theedgemarkets.com

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