Volcano hit with UMA after share price jumps over 23%

KUALA LUMPUR (March 13): Nameplate and plastic injection moulded parts maker Volcano Bhd has been issued an unusual market activity (UMA) query after its shares spiked over 23% on Monday (March 13).

Shares of the ACE Market-listed company closed at RM1.09, gaining 21 sen or 23.86%, with 23.43 million shares traded. Year to date, the counter has climbed 124.74%.

At RM1.09, the company has a market capitalisation of RM179.85 million.

Highlighting the sharp rise in its share price and volume, Bursa requested Volcano to disclose any corporate developments, rumours or reports concerning the business and affairs of the group, and any other possible reasons, which may account for the UMA.

At the time of writing, the company has yet to respond to Bursa’s query.

For the financial quarter ended Dec 31, 2022, Volcano’s net profit fell 58.48% to RM837,000 compared with RM2.02 million in the same quarter year earlier, as revenue slipped 12.56% to RM15.9 million from RM18.18 million previously.

It is worth noting that the group has changed its financial year from Dec 31 to June 30.

According to the Volcano’s annual report for 2021, the company’s substantial shareholders are Datuk Ch’ng Huat Seng with a 16.97% stake followed by Datuk Wong Tze Peng with 14.85%, Gan Yew Thiam and Khoo Boo Wui with 12.73%, and Yeap Guan Seng with 6.36%.

It is also worth noting that it has been less than two years since Volcano was listed on the ACE Market of Bursa Malaysia on April 6, 2021, with an issue price of 35 sen.