KUALA LUMPUR (June 23): K Seng Seng Corp Bhd, whose share price hit an all-time high today, said it is not aware of any corporate development that would have caused the unusual market activity (UMA). 

The stainless steel manufacturer was slapped with a UMA query after its share price surged 14 sen or 11.02% to RM1.41, valuing the company at RM162.43 million. 

Notably, year-to-date, the stock has risen by 151.79% from a mere 56 sen. 

“We are not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity," K Seng Seng said. 

“The board does note that the financial performance of the group has been improving and as announced on May 25, 2021, the group recorded a profit after tax of RM1.53 million for the quarter ended March 31, 2021, compared to a loss of RM0.55 million in the corresponding period on March 31, 2020. 

“Other than that, we are not aware of any other possible explanation to account for the trading activity,” the company said.

According to its website, K Seng Seng is involved in the processing of secondary stainless steel long products, sales and marketing of stainless steel industrial fasteners, rigging accessories and components, and trading of industrial hardware.