REDtone unaware of reason for share price spike

PETALING JAYA: REDtone International Bhd said it is unaware of the reason behind the recent sharp rise in its share price.

In response to Bursa Malaysia's unusual market activity (UMA) query on Friday, the company said it is in compliance with Bursa Securities’ ACE Market Listing Requirements, in particular Rule 9.03 on immediate disclosure obligations.

Over the past two weeks, REDtone's share price has risen by nearly 70%. Last Friday, the counter was up as much as 12.8% to 61.5 sen before closing 4 sen or 7.3% at 58.5 sen, with some 11.86 million shares traded.

Last week, the Sultan of Johor’s daughter Tunku Tun Aminah Sultan Ibrahim Ismail was appointed chairman of REDtone.