PETALING JAYA: Menang Corp (M) Bhd has been issued an unusual market activity (UMA) query by Bursa Malaysia today due to a sharp rise in its share price and volume.
The property developer’s share price rose by as much as 30.71% or 22 sen to an all-time high of 91.5 sen in the last five days. Year-to-date, Menang’s share prices have risen 81.25% or 39 sen.
In a Bursa filing today, Bursa requested that Menang disclose any corporate developments, rumours, or reports about its business and affairs, as well as any other reasons which may have prompted a hike in share prices.
In a recent company development, Menang’s former director Christopher Shun dumped his 9.45% stake of 48.13 million shares via a direct business transaction on March 24, ceasing to be a substantial shareholder of the company.
Menang, which was incorporated in 1964, is mainly involved in property development and government development projects.
Its past projects included several lucrative Universiti Teknologi Mara private financing initiative (PFI) concessions, which attracted some criticism due to their high price tag.
Under the PFI model, private companies would finance and operate specific projects and are later compensated by the government according to the concession agreement, which may last for several decades.
The property developer’s net profit for the second quarter ended Dec 31, 2022 rose to RM3.59 million from RM1.69 million last year due to lower interest rates and tax expenses.
At press time, Menang’s share price stood at 86 sen, down 2.27% or 2 sen for the day, valuing the company at RM440.68 million.