KUALA LUMPUR (Dec 15): Guocoland (Malaysia) Bhd, the property development arm of the Hong Leong Group, has responded to an unusual market activity (UMA) query posed by Bursa Malaysia, stating that the group is not aware of any corporate development that would have caused a spike in its share prices.

Yesterday, the group was slapped with a UMA query after its share price surged 31.3% or 18 sen to 76 sen.

Guocoland said after making enquiries with the director and major shareholders of the group, it is not aware of any corporate development, rumour or report concerning its business, affairs and possible explanation that may have accounted for the UMA. 

It further added that it will make the necessary announcement to Bursa Securities of any material information in compliance with paragraph 9.03 of the Main Market Listing Requirements on immediate disclosure obligations, according to its reply to Bursa Malaysia today.

Last Friday, the group announced that its group managing director Datuk Edmund Kong Woon is resigning from his post effective Jan 1, 2021 after being at the helm for four years.

It said the reason behind Kong's resignation was due to other business opportunities.

At noon break today, Guocoland had fallen 4.5 sen or 5.96% to 71 sen, valuing the group at RM497.33 million. It saw some 373,900 shares traded.

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