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KUALA LUMPUR: Damansara Realty Bhd (DBhd) has received another unusual market activity (UMA) query from Bursa Malaysia, the second in about a month.
In its query yesterday, Bursa Malaysia asked DBhd to furnish details of any corporate development, rumour or report concerning the business or affairs of the group that could account for the unusual rise in its share price recently.
At the end of yesterday’s trading session, DBhd closed at its 52-week high of RM1.34, a gain of 15 sen or 12.6% from the previous day’s close of RM1.19. This brought its market capitalisation to RM414.6 million.
The stock had reached a high of RM1.39 during intraday trading. The company’s response to Bursa Malaysia’s query was not available at the time of writing.
The stock market regulator had ordered the group to respond to the UMA after making enquiries with its directors and major shareholders.
DBhd was earlier queried on March 6 after a sharp increase in its share price and volume. It closed that day higher by 30% to 86 sen, with 23 million shares done.
In its reply to Bursa Malaysia, the company had said that it was not aware of any material corporate development that could have accounted for the unusual movement.
On Feb 17, DBhd announced that Seaview Holdings Sdn Bhd had proposed to acquire a 51% stake in DBhd from its parent, Johor Corp Bhd (JCorp), for a total of RM78.9 million or 50 sen a share.
On March 6, Seaview and JCorp entered into a conditional share sale agreement for the share acquisition and disposal. Seaview is a Johor-based company and its shareholders are Datuk Daing A Malek Daing A Rahaman, Abdul Aziz and Daing Abdul Rahim.
In a filing dated April 4, DBhd said the conditional period of the agreement had been extended to April 28, from April 7.
It was earlier reported that the sale of DBhd was part of JCorp’s restructuring and rationalisation plans to reduce its exposure to non-core businesses.
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