Globaltec Formation issued UMA query

PETALING JAYA: Globaltec Formation Bhd, whose share price has jumped twofold since early this month, has been queried by Bursa Malaysia over the unusual rise in price and volume of its shares.
In response to the query, Globaltec said it is in a discussion to participate in a minority stake in a mini hydroelectric power project and to dispose of some of its non-core and non-profitable businesses, which include its semiconductor and precision metal stamping businesses but nothing has been finalised as yet.
Globaltech's share price rose as much as 3.5 sen or 33.33% to 14 sen, before closing at 12 sen yesterday.
It was the most active counter of the day, with some 1.01 billion shares changing hands.
For the nine-month ended March 31, 2014, Globaltec posted a net loss of RM2.49 million versus RM288,000 net loss in the previous period. Last financial year, it made a net loss of RM20 million.
Globaltec is principally involved in the integrated manufacturing services and resources segments, whereby the former involves precision machining, stamping, tooling and automation, while the latter includes oil palm plantations and coal mining.