KUALA LUMPUR (Aug 27): Property developer Global Oriental Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia over the sharp rise in its price and volume recently.

The stock surged as much as 38% to hit its intraday high of 73 sen in early trade today. At 4.14pm, the stock was trading at 63 sen, bringing a market capitalisation of RM272.81 million. A total of 61.4 million shares changed hands.

Year to date, its share price has climbed 121%.

On Aug 24, the company had proposed to raise up to RM9.39 million through a private placement of up to 10% of its total issued shares to third party investor(s) to be identified later. The proceeds will be used for working capital.

In June, Global Oriental also saw the emergence of a new substantial shareholder in Idaman Motif Sdn Bhd, which acquired 81.44 million shares or a 17.91% stake in the company from former Global Oriental executive director Othman Mohammad.

Idaman Motif is the private vehicle of Datuk Tan Eng Beng, who holds an 0.07% direct stake in Global Oriental.

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