Hubline slapped with UMA query

PETALING JAYA: Hubline Bhd, whose share price has almost tripled in the past one month, was issued an unusual market activity (UMA) query by Bursa Malaysia over the sharp rise in its share price and trading volume recently.
It was the second most actively traded stock on Thursday, with some 138.77 million shares changing hands. Its share price fell half a sen or 2.9% to close at 16.5 sen.
In response to the query, the shipping firm said it could be due to the company's negotiation with a large oil and gas/chemical company for a collaboration to provide logistics services to the latter.
However, it said the terms and details of the memorandum of understanding (MOU) have not been finalised and are still under negotiations.
Meanwhile, Hubline said the recent boardroom changes could have also contributed to the unusual trading. On September 18, 2017, Tuan Haji Ibrahim Haji Baki was redesignated to the position as chairman and Datuk Richard Wee Liang Huat @ Richard Wee Liang Chiat was redesignated to executive vice chairman.
“Subsequent to them taking up their new roles, both the newly appointed chairman and vice chairman have increased their shareholdings in the company and announcements have been made accordingly,” it noted.
Hubline's net loss narrowed to RM14.09 million for nine months ended June 30, 2017 versus RM28.14 million in the previous corresponding period.