YGL Convergence replies to query, says unaware

PETALING JAYA: Loss-making YGL Convergence Bhd said it was unaware of any corporate exercises that might have contributed to the recent rise in price and volume of its shares after being queried by Bursa Malaysia.
Trading in YGL shares started to gain traction at the end of August, hitting 38.5 sen yesterday, the highest since February 2008. However, the stock pared down its gain yesterday to 2 sen to close at 36.5 sen following a query by the regulator.
Worth noting is that YGL's share price had been trading below 15 sen over the past two years, but has risen a whopping 160.71% in recent two months.
For six months ended June 30, the business solutions provider posted a net loss of RM520,000, significantly higher than RM1.23 million in the previous corresponding period. It has been making losses over the past two financial years.
In July, YGL was awarded a RM1.125 million contract by Country Heights Holdings Bhd to provide system and implementation of YGL proprietary software.
It also received a job from Malayan Banking Bhd in August for the extension of development and implementation of mySAP and myHR2U regional rollout, carrying a contract value of RM800,000.