ACME

0.190

(%)

Letter Subject or Reference - UNUSUAL MARKET ACTIVITY

ACME HOLDINGS BERHAD

Type Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID IQL-16102020-00003
Subject Letter Subject or Reference - UNUSUAL MARKET ACTIVITY
Description
Letter Subject or Reference - UNUSUAL MARKET ACTIVITY
ACME Holdings Berhad ("ACME" or the "Company")
Query Letter Contents

We draw your attention to the sharp rise in price and volume of your Company’s shares today (“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

We refer to the letter from Bursa Malaysia Securities Berhad (“Bursa Securities”) dated 16 October 2020 titled “Unusual Market Activity” and after making due enquiry with the Directors, major shareholders and other relevant persons, the Board of Directors of the Company (“Board”) wishes to response to the queries raised by Bursa Securities as follows:

 

1.  Apart from the announcements released by the Company on 23rd September 2020 pertaining to the completion of the private placement and on 12th October 2020 regarding the  completion of the Medan Acquisition and Focal Acquisition, the Board wishes to inform that it is not aware of the cause of the recent share price movements. However, it has come to the attention of the Company via an article titled “Acme joins Skymind in AI industry” by NST Business dated 19 October 2020 @ 9.47 a.m. We wish to inform Bursa Securities that the Company is only at the exploratory stage with Skymind Holdings Berhad for a potential joint venture to produce AI solutions/devices. However the Company will make the necessary announcement upon signing of any definitive agreement.

 

 In addition, the Board and management are constantly exploring to steer the Company towards improved profitability and financials to ensure fundamentals of the Company remain strong as well as to enhance shareholders' value.

 

2.  The Board is not aware of any rumour or report concerning the business and affairs of the Group that may account for the trading activity save for the article as mentioned above that has recently come to the attention of the Company.

 

3.  The Board is not aware of any other possible explanation to account for the trading activity, save for the article as mentioned above.

 

4.  The Board of Directors confirms that the Company is in compliance with the Main Market Listing Requirements of Bursa Securities (“Main LR”), in particular paragraph 9.03 of

the Main LR on immediate disclosure obligations

 

This announcement is dated 19 October 2020.





Announcement Info

Company Name ACME HOLDINGS BERHAD
Stock Name ACME
Date Announced 19 Oct 2020
Category General Announcement for PLC
Reference Number GA1-19102020-00017