Solarvest slapped with UMA query

KUALA LUMPUR: Solarvest Holdings Bhd, whose share price surged over 20% yesterday, has been slapped with an unusual market activity (UMA) query by Bursa Malaysia.

Solarvest shares rose to their highest-ever intraday level of RM1.24 yesterday, before paring some gains. The shares settled at RM1.10, still seven sen or 6.8% higher than last Friday’s close, with a market capitalisation of RM429.69 million.

It was the ninth most actively traded stock on Bursa, with 43.84 million shares done.

In a bourse filing yesterday, Bursa queried Solarvest whether it had any corporate development not yet announced to the public, or reports that might account for the unusual trading activity.

Solarvest, a 33.6% associate of building material distributor Chin Hin Group Bhd, is principally an engineering, procurement, construction, and commissioning contractor that specialises in solar photovoltaic systems. It was listed in November last year.