Edaran slapped with UMA query

PETALING JAYA: Edaran Bhd has been issued an unusual market activity (UMA) query by Bursa Malaysia on the sharp rise in the price and volume of its shares recently.
The company’s share price jumped 57% or 26 sen to 71.5 sen on Monday with 47.36 million shares traded. The IT services provider is required to disclose any corporate development, rumour or other possible explanation that could have contributed to the sharp rise in its share price.
In response to the query, the IT services provider said there are no corporate developments and it is not aware of any rumour or other possible explanation that could have contributed to the sharp rise in its share price.
It said that it is continuously pursuing and identifying new business opportunities in its ordinary course of business and will make an immediate announcement as and when it enters into any agreement.
Short selling of Edaran shares were suspended on Monday as the daily short selling trade limit reached 3% of the issued number of shares.