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Y&G Corp says unaware of reason for sharp rise in share price

KUALA LUMPUR (May 21): Y&G Corp Bhd, whose shares hit limit up thrice in the last four trading days, said it is unaware of any possible reason for the high trading activity and sharp rise in the company's share price.

"There is no corporate development that may account for the trading activity of the company (shares)," Y&G said in its reply to the unusual market activity (UMA) query from Bursa Malaysia yesterday.

The property group also said it is unaware of any rumour or report concerning the company, or any other possible explanation to account for the trading activity.

Shares in Y&G have risen by 167.86% in the last four trading days. From 56 sen on May 12, the counter hit the 30 sen limit up on May 17 and 18 before its trading was suspended for a day.

The share price resumed its upward trajectory yesterday, hitting limit up again to rise 34 sen or 29.31% to close at RM1.50 — above its net book value of RM1.35 per share.

In the four-day period, trading volume ranged between 58,300 shares and 200,300 shares. In the past six months, its trading volume averaged at 2,400 shares.

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