Rapid Synergy Berhad (Rapid) replied to Bursa Malaysia Securities Berhad’s Unusual Market Activity (UMA) query yesterday in relation to sharp fall in price of the company’s shares recently, saying it is not aware of any irregularities that might have triggered the event in question.
In a Bursa listing today (Jan 11), it said that after having made due enquiries with the directors, major shareholders and such other relevant person, it is not aware of any corporate development that has been previously announced relating to the group’s business and affairs.
However, it said that the management is currently considering proposals to sell certain landed properties of the group.
“These proposals are still in the stages of discussion. The Board believes that it would be more appropriate to release announcement(s) to Bursa Securities once the terms of the offers have been finalised and agreed upon by both parties.
“Save for this, the Board is not aware of any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion,” it said.
It was also not aware of any rumour or reports with regards of its business and affairs or any other possible explanation to account for the trading activity.
“The group is in compliance with the Bursa Securities’s Main Market Listing Requirements, in particular Paragraph 9.03 of the Bursa Securities MMLR on immediate disclosure obligations,” it added.
Today, Rapid hit the limit down again for the second day in a row and was still on the top loser list on Bursa Malaysia.
Yesterday, the group received an unusual market activity (UMA) query from Bursa Malaysia Securities Berhad on the sharp fall in the price of its share price as the group saw a sharp decline by 30%, falling RM7.02 to RM16.38.
The counter has fallen around 40% over the past month.
