SLVEST

1.510

-0.02 (-1.3%)

Letter Subject or Reference - UNUSUAL MARKET ACTIVITY

SOLARVEST HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-10022020-00001
Subject Letter Subject or Reference - UNUSUAL MARKET ACTIVITY
Description 
Solarvest Holdings Berhad ("Solarvest" or "the Company") - Unusual Market Activity
Query Letter Contents

We draw your attention to the sharp rise in price of your Company’s shares recently (“trading activity”).
In light of the above and in order for investors to be able to make informed investment decisions, you are requested to respond, after making due enquiry with your directors, major shareholders and such other relevant persons, to the following queries immediately for public release in accordance with paragraph 9.11 of Listing Requirements :

1. Whether there is any corporate development relating to your 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. If yes, kindly provide the details including status of the corporate development to enable investors to make informed investment decisions
2. Whether there is any rumour or report concerning the business and affairs of the Group that may account for the trading activity and in this respect, you are required to comply with Paragraphs 9.09 and 9.10 of Bursa Securities LR;      
3. Whether you are aware of any other possible explanation to account for the trading activity; and       
4. Whether you are in compliance with the Bursa Securities LR, in particular Paragraph 9.03 of the Bursa securities LR on immediate disclosure obligations.

 

Please note that the contents of the announcement must be endorsed by the Board of Directors of the Company and the announcement must reach Bursa Securities immediately via Bursa LINK.

 

Yours faithfully,
Bursa Malaysia Securities Berhad

Reference is made to the letter from Bursa Malaysia Securities Berhad (“Bursa Securities”) dated 10 February 2020 querying the Company on unusual market activity in relation to the sharp rise in price of the Company’s shares recently (“Trading Activity”).

 

On behalf of the Company, the Board would like to confirm that to the best of its knowledge and after making due enquiry with the directors and major shareholders seeking their views on the matter that is the subject of the query, the Board is:

  1. 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. 
  2. not aware of any rumour or report concerning the business and affairs of the Group that may account for the Trading Activity. Nevertheless, the Board is of the view that the surge of investors' interest on the Company's shares could be attributed by a sharing session conducted by Mr. Chong Chun Shiong, our Group Chief Executive Officer, at Bursa Marketplace on last Thursday, 6 February 2020 in relation to a background briefing pertaining to the Group as well as some latest development of the Group's business, whereby the Group has reported a healthy unbilled order book of RM184.5 million as at 30 September 2019 for various projects in the pipeline as disclosed in Solarvest's latest unaudited financial results for the financial period ended 30 September 2019. In addition, the Group had also disclosed at the sharing session that it had on 21 November 2019 entered into a Memorandum of Agreement ("MOA") with Teo Seng Capital Berhad ("Teo Seng") for the installation of solar photovoltaic panel across Teo Seng's chicken farms and factories located in the state of Johor, Malaysia. Further details on the MOA are disclosed in a separate announcement dated 11 February 2020.
  3. not aware of any other possible explanation to account for the Trading Activity.

The Company is in compliance with the Bursa Securities ACE Market Listing Requirements (“ACE LR”), in particular Rule 9.03 of the ACE LR on immediate disclosure obligations.

 

This announcement is dated 11 February 2020.


Announcement Info

Company Name SOLARVEST HOLDINGS BERHAD
Stock Name SLVEST
Date Announced 11 Feb 2020
Category General Announcement for PLC
Reference Number GA1-10022020-00030


View original announcement