KUALA LUMPUR (June 20): Pharmaniaga Bhd shares surged in early trade on Wednesday after Bursa Malaysia lifted the price freeze on the stock, despite the company having announced two days earlier in response to a UMA query that it was unaware of any reason for it share price to rise sharply.
At 9.25am, Pharmaniaga was up RM2.53 to RM11.02 with 2.19 million shares done.
In a reply to Bursa Malaysia Securities Bhd on June 18 after it was issued an UMA query over the consecutive limit up of its shares, Pharmaniaga said there were no were no corporate developments relating to the company and its subsidiaries’ business and affairs that have not been previously announced that may account for the UMA, including those in the stage of negotiation/discussion
“Pursuant to Paragraphs 9.09 and 9.10 of the Main Market Listing Requirements, to the best of our knowledge, there are no rumours or reports concerning the business and affairs of the Pharmaniaga Group that may account for the UMA,” it said.
Bursa Malaysia Securities Bhd had earlier issued an unusual market activity (UMA) query to Pharmaniaga Bhd over the recent consecutive limit up of the company’s shares.