Sapura Resources, Ge-Shen get Bursa UMA query

PETALING JAYA: Sapura Resources Bhd, which was issued an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd yesterday, pointed out that three articles published in the press could have led to the increase in its share price and volume recently.
In a reply to the query, Sapura Resources said it is not aware of any corporate development, rumour or report that may have contributed to the UMA, but said there were articles entitled “APIIT boost for SapRes” and “The other Sapura comes alive” published in an English daily on Oct 27, 2015 and Oct 31, 2015, respectively, as well as an article entitled “Sapura Resources’ APIIT stake could be worth over RM400m” published in a business daily on Oct 29, 2015.
Sapura Resources said it is in the midst of discussions relating to a possible divestment of its education businesses. It added that it will make the necessary announcements if and when discussions have been finalised and the company executes any definitive agreements.
Sapura Resources’ share price has surged more than twofold from only 80 sen on Sept 14. It closed at RM1.68 yesterday with 2.18 million shares traded.
Ge-Shen Corp Bhd, which was also queried on the sharp rise in the price of its shares, said it is not aware of any corporate development, rumour or report concerning or any other possible explanation to account for the UMA.
Ge-Shen’s share price has also more than doubled from just 81 sen on Sept 10. It closed at RM2, up 11 sen, with 4.15 million shares traded.