Majuperak's shares trading halted after it denies knowledge of reason behind price spike

PETALING JAYA: Majuperak Holdings Bhd, an investment holding company which holds the sole supplier merchandise license for the recently launched Movie Animation Park Studios (MAPS), shares which hit a high of 60.5 sen today was suspended from trading at 3.36 pm, when the company told Bursa Malaysia it had no knowledge of the reason behind the sudden spike in its share price.
The company will resume trading on Wednesday.
The stock price has increased more than 83% in the last two weeks alone. Year-to-date it has gained more than 109%, compared with the benchmark KLCI index which gained 7.45% year-to-date.
It closed 3.5 sen or almost 7% higher at 54.5 sen, with 19.4 million shares traded.
"We also declare that the company is in compliance with the Listings Requirements(LR), in particular Rule 9.03 of the LR on immediate disclosure obligations," the company said in its reply to Bursa Malaysia.
Majuperak's unit Nexus Jade Sdn Bhd (NJSB) is the sole supplier for all merchandise items to be retailed at MAPS in accordance to Dreamworks Studios and Animation Studios intellectual property guidelines.
Asia's First Animation Theme Park built at the cost of RM520 million in Ipoh, Perak, MAPS had its soft opening on June 26, 2017.
NJSB's merchandising business was the group's main revenue contributor in 2016.
The company saw its revenue increase by more than two folds for the first quarter ended March 31, 2017 to RM2.12 million from RM931,000 derived from merchandising sale from its Animation Theme Park project manned by NJSB.
This was despite the widening of its net losses to RM1.09 million from the RM931,000 recorded in net losses in the preceeding year's corresponding quarter.