Farm Fresh clarifies there was no UMA query, voluntarily explained market price volatility

KUALA LUMPUR (July 5): Farm Fresh Bhd (FFB) clarified that it willingly released information regarding the recent current market price fluctuation and volume of its shares to the public, and not in response to any unusual market activity (UMA) query from Bursa Malaysia.

“... the announcement made by the company yesterday (July 4) was voluntary to provide clarity to the public in relation to the market price volatility and trading volume of the FFB shares in Bursa Malaysia vis-a-vis the recent development concerning Australian milk production as mentioned in Bega Group's recent announcement...” it said in a filing at noon break on Wednesday (July 5).

Notably, Australia’s Bega Group warned earlier this week that it could be facing a non-cash impairment of between A$180 million-A$280 million (RM559.5 million-RM870.3 million) due to a decline in milk production volumes and rising dairy ingredient prices.

In a filing with Bursa Malaysia on Tuesday (July 4), Farm Fresh clarified that its exposure to falling milk production is lesser in Australia, compared to that of Bega, which sources 100% of its milk requirement from Australian farmers.

Farm Fresh’s share price settled at 2.6% lower or three sen at RM1.10 at noon break, valuing the company at RM2.08 billion with 12.9 million changing hands.

Read more:
Farm Fresh hits record low on concerns over intense competition for raw milk