Bursa queries Cymao on sharp rise in share price

KUALA LUMPUR (Dec 9): Cymao Holdings Bhd, which is involved in the manufacturing and sale of plywood products, has been slapped with an unusual market activity (UMA) query on the sharp rise in its share price and volume recently.

Shares of Cymao shot up 26.26% or 13 sen today and settled at 62.5 sen, with 4.78 million shares traded. Over the past month alone, the stock's price shot up by 172% from 23 sen on Nov 12. The group currently has a market capitalisation of RM46.9 million.

In a filing today, Bursa asked the company to respond as to whether there is any corporate development relating to its business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation.

Additionally, it asked the company to clarify whether there is any rumour or report concerning the business and affairs of the group that may account for the trading activity, whether Cymao is aware of any other possible explanation to account for the trading activity and whether it is in compliance with the Bursa listing requirements.