South Malaysia Industries says unaware of UMA as shares jump 29% to record high

TheEdge Wed, Feb 15, 2023 08:00pm - 1 year View Original


KUALA LUMPUR (Feb 15): Property developer and car park manager South Malaysia Industries Bhd (SMI), whose share price rose 29% on Wednesday (Feb 15), said it is not aware of any corporate development, rumour or report that may have triggered the jump.

“The board is not aware of any possible explanation to account for the trading activity,” SMI said in a reply to the unusual market activity (UMA) query by Bursa Securities, following a sharp climb in its share price and trading volume.

Shares in SMI were among Bursa Malaysia’s top gainers on Wednesday. In the final hour of trading, it rose 34 sen to touch a record high of RM1.50, before settling at RM1.46, still up 30 sen or 25.86%.

The counter saw 3.11 million shares change hands throughout the day — three times its average volume of 1.3 million shares. At RM1.50, SMI has a market capitalisation of RM306.51 million.

Year to date, SMI’s share price has risen 139.34%. It has risen by 563.64% in the last one year, from just 22 sen on Feb 15, 2022.

According to SMI’s latest annual report, the company’s substantial shareholders includes listed company Asian Pac Holdings Bhd with a 2.25% direct stake and a 9.31% indirect stake via its subsidiary BH Builders Sdn Bhd; followed by Mah Sau Cheong with a 7.65% direct equity interest.

Mah is also the largest shareholder of Asian Pac, with a direct stake of 31.98% in the company, according to company filings.

For the nine months ended Sept 30, 2022 (9MFY2022), SMI was in the red with a net loss of RM3.27 million, on a revenue of RM35.68 million.

The company has also been loss-making in three prior years — RM1.72 million in FY2021, RM3.74 million in FY2020, and RM7.86 million in FY2019.

SMI is involved in property development in Ipoh, via subsidiary Anastoria Sdn Bhd in Taman Klebang and Taman Saikat.

It also undertakes manufacturing and trading of assorted wires from its factory in Tampoi, Johor, as well as management of carpark sites in Kelana Jaya.

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