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Y&G slapped with UMA query after share price hits limit up again

KUALA LUMPUR (May 20): Property developer Y&G Corp Bhd has been slapped with an unusual market activity (UMA) query by Bursa Malaysia, after its share price hit limit up again today.

As at 11.59am, the counter surged 29.31% or 34 sen to RM1.50, giving it a market capitalisation of RM327.72 million. It saw some 73,700 shares traded.

In these past few days, Y&G’s share price climbed 168% from 56 sen last Wednesday.

“We draw your attention to the sharp rise in price and volume of your company’s shares today (trading activity),” said Bursa.

Bursa asked the group if there is any corporate development relating to its business and affairs that has not been previously announced, rumour or report as well as any other possible explanation that may account for the trading activity.

Furthermore, the stock exchange regulator also asked whether Y&G is in compliance with the Bursa Securities Listing Requirements on immediate disclosure obligations.

At the time of writing, Y&G had not responded to the UMA query.

Last Wednesday (May 12), the company said in its filing that it had applied to Bursa for a further extension of time of six months from May 15, 2021 to Nov 14, 2021 to comply with the regulator’s public shareholding spread requirement of at least 25% for listed companies in Malaysia.

Based on the company’s Record of Depositors as at April 23, 2021, the public shareholding spread of Y&G was 22.83%, which is below the minimum public shareholding spread.

“As at the date of this announcement, due to the current macroeconomic challenges caused by Covid-19 pandemic including the recent announcement of Movement Control Order 3.0, the company has still been unable to formulate an effective rectification plan to address fully the shortfall in the public shareholding spread requirement.

“The company will make an immediate announcement upon receipt of Bursa Securities' decision on the company's above application and will also make the necessary announcements in relation to the status of its effort to comply with the public shareholding spread requirement thereafter,” Y&G added.

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