Bursa Malaysia Issues UMA Query To Skygate After Share Price Surge

KUALA LUMPUR, July 1 (Bernama) -- Bursa Malaysia has issued an unusual market activity (UMA) query to Skygate Solutions Bhd following a sharp rise in the company's share price.

In a statement today, the exchange advised investors to consider the company's response to the UMA query, which will be published under Company Announcements on Bursa Malaysia's website, when making investment decisions.

The Malaysia-based investment holding company has been asked to state whether there have been any corporate developments relating to the group's business and affairs that could account for the trading activity.

The exchange also asked whether the company is aware of any rumours or reports concerning the group's business and affairs that may have contributed to the trading activity, whether there is any other possible explanation for the trading activity, and whether it complies with Bursa Malaysia Securities' Listing Requirements.

In a separate filing, SkyGate Solutions confirmed that there are no corporate developments related to the group’s business and affairs that have not already been announced. This includes any matters currently in negotiation or discussion that could explain the unusual trading activity.

It also said the company was not aware of any rumour or report concerning the group’s business and affairs that may have accounted for the trading activity.

“The company is not aware of any other possible explanation for the trading activity. The company confirms that it complies with the Main Market Listing Requirements of Bursa Malaysia Securities Bhd, in particular Paragraph 9.03 on immediate disclosure obligations,” it said.

-- BERNAMA