Menang Corp issued UMA query following sharp rise in share price, volume

• The counter’s share price surged as much as 3.4% to hit an intraday high of 91.5 sen — exceeding its one-year range and the highest in over 20 years, before closing unchanged to 88 sen.

KUALA LUMPUR (April 26): Property development and management company Menang Corp (M) Bhd was issued an unusual market activity (UMA) query by Bursa Malaysia on Wednesday (April 26) due to a sharp rise in its share price and trading volume recently.

The counter’s share price surged as much as 3.4% to hit an intraday high of 91.5 sen — exceeding its one-year range and the highest in over 20 years, before closing unchanged to 88 sen.

At the closing price, Menang’s market capitalisation was RM448.32 million.

Its share price has also risen 10% over the past week from 80 sen on April 20, and 83.33% year-to-date. The price run-up started in late March.

Menang’s trading volume stood lower at 3.03 million shares compared to 5.62 million shares on Tuesday (April 25), but was higher than its 200-day volume average of 236,548 shares.

In a bourse filing on Wednesday, Bursa requested that Menang disclose any corporate developments, rumours or reports concerning the business and affairs of the group, and any other possible reasons, which may account for the UMA.

On March 24, Menang's former director Dr Christopher Shun Kong Leng ceased to be a substantial shareholder of the company, after offloading his entire shareholding of 48.13 million shares or a 9.45% stake via a direct business transaction on March 22.

He was appointed to the board of Menang in February 1991, and resigned as a non-independent and non-executive director in January 2021.

Menang’s net profit for the second financial quarter ended Dec 31, 2022 (2QFY2023) rose to RM3.59 million, from RM1.69 million a year earlier, due to lower interest and tax expenses. Quarterly revenue also increased to RM22.18 million, versus RM21.76 million previously.