Bursa issues UMA query to Scanwolf

KUALA LUMPUR (Jan 22): Scanwolf Corp Bhd has been issued an unusual market activity (UMA) query after a series of higher closes for the stock over the past three weeks, and a 75.44% jump from its lowest point this month of 57 sen.

Just today alone, the manufacturer of PVC compounding and plastic extrusions-cum-property developer saw its share price gain 12.5 sen or 14.29% to RM1 apiece. A total of 2.71 million shares changed hands.

Its market capitalisation jumped to RM72.52 million.

In its query, Bursa Malaysia required Scanwolf (fundamental: 0.55; valuation: 0.6) to disclose whether there is any corporate development, rumour, or report that could have led to the sharp rise in price and volume.

Scanwolf is also required to reveal whether it is aware of any possible explanation for the trading activity.

Earlier this month, Scanwolf announced a change in the property development joint venture between its wholly-owned subsidiary Scanwolf Properties Sdn Bhd (SPSB) and 51%-owned subsidiary Scanwolf Development Sdn Bhd (SDSB).

SPSB, being the landowner, is now bound to receive a 60% entitlement from the project, instead of 20% as previously agreed in July 2012.

The reason for the change, being SPSB has been continually funding the development cost of the project, although developer SDSB was supposed to do so, as agreed in the joint venture agreement.

The 58.91-acre (23.84 ha) development in Kampar, Perak, is dubbed Kampar Putra II. According to the July 2012 filing, the plan includes the construction of 42 units of three-storey shop houses, 59 units of single-storey bungalows, and a total of 410 units of single-storey terrace houses of various sizes.

The filing did not state the potential gross development value of the project.

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