CEO Morning Brief

Eversendai Says Unaware of Reason for UMA After Share Price Jumps to Five-year High

Publish date: Tue, 14 May 2024, 10:13 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (May 13): Eversendai Corp Bhd (KL:SENDAI) said it is not aware of any corporate development that caused the unusual market activity (UMA) in its shares which climbed to a five-year high on Monday.

In a bourse filing, the steel structure and fabrication group said it is not aware of any rumour or report concerning the business and affairs of the group that may account for the unusual trading activity.

The group added that it is not aware of any other possible explanation to account for the sharp rise in its trading.

Eversendai was slapped with an UMA query by Bursa Malaysia after its shares jumped as much as 27.64% or 17 sen to a high of 78.5 sen during Monday's morning trading session, the highest since October 2018.

The counter pared its gains to 71.5 sen at market close, still up 10 sen or 16.26%. This gives the group a market capitalisation of RM553.98 million.

Eversendai’s trading volume of 67.85 million shares was 64.44% higher than last Friday’s (May 10) 24.13 million, and more than six times the 200-day average volume of 10.04 million shares. It was the fifth most active stock on Bursa Malaysia

Eversendai’s chairman and managing director Tan Sri AK Nathan Elumalay is the group’s largest shareholder via Vahana Holdings Sdn Bhd, owning a 69.75% stake.

Last month, the group secured four contracts worth RM5.4 billion in Saudi Arabia, the United Arab Emirates, and India. The announcement pushed its share price to rise by over 90%. Year to date, the counter has climbed over 353%.

Source: TheEdge - 14 May 2024

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