Shares of SkyGate Solutions Bhd retreated in afternoon trade on Thursday after the company clarified it was unaware of any undisclosed corporate developments behind its recent share price rally.
As at 2.37pm, the stock fell 2.5 sen or 3.07% to 79 sen, after opening at 80.5 sen. It traded between 78 sen and 80.5 sen, with 450,600 shares changing hands.
The decline comes a day after SkyGate responded to an unusual market activity (UMA) query from Bursa Malaysia, stating it was unaware of any corporate developments, negotiations or discussions that had not been announced and which could explain the sharp appreciation in its share price.
The company also said it was not aware of any rumours or reports concerning its business operations that could have contributed to the recent trading activity.
SkyGate’s clarification followed a strong run in its share price, which had surged about 36% between June 26 and July 1, prompting Bursa Malaysia to seek an explanation for the unusual movement.
In its response, the company said it had made the necessary enquiries with its directors, major shareholders and relevant parties before confirming there was no undisclosed material information behind the rally.
