Bursa slaps Perak Corp with UMA query after shares surge
Perak Corp Bhd, a Perak state-owned entity, has been issued an unusual market activity (UMA) query by Bursa Malaysia Securities after its share price soared to a seven-year high.
Its shares rose as much as 20% or 15 sen to 89 sen, its highest since May 2018. It closed at 85 sen, up 15% or 11 sen, valuing the group at RM85 million. A total of 2.1 million shares were traded.
The stock’s 20% jump today is just the tip of the iceberg. It has surged 77% over the past five trading days and 255% over the past one month, when it was trading around the 25 sen level.
The exchange regulator had asked Practice Note 17 (PN17) status company to confirm whether there were any unannounced corporate developments, negotiations, rumours, reports, or any other possible explanations for the sharp rise in its share price and trading volume recently.
The group is involved in property development, ports and logistics, hospitality and tourism. Its largest shareholder with a 52.9% stake is Perbadanan Kemajuan Negeri Perak, a Perak state government agency.
The company fell under the PN17 classification in February 2020 following the closure of its Movie Animation Park Studios theme park in Ipoh, and after its defaulted on its term loan.
It submitted its regularisation plan to exit its PN17 status in May this year, and Bursa Securities has yet to deliver its decision on whether to approve or reject the plan.
The plan consists of a capital reduction, joint development project, land sales, entitlement from a joint development, and preference share issuance to settle debt owed to creditors.
