UNUSUAL MARKET ACTIVITY-Reference is made to Bursa Malaysia Securities Berhad (“Bursa Securities”)’s query on 5 January 2021 pertaining to the sharp rise in price and volume of the Company’s shares recently (“trading activity”).
After having made due enquiry with the Board of Directors (“Board”), major shareholders of the Company and such other relevant persons, our reply to Bursa Securities’s queries are as follows:-
1. Save for the proposed diversification of Cymao and its subsidiaries (“Cymao Group”) to include construction, project management and related activities (“Proposed Diversification”) which was announced on 24 December 2020, the Board is not aware of any corporate development relating to the Group’s business and affairs that has not been previously announced. The Board believes that the Proposed Diversification is expected to provide additional revenue stream and enhance the Group’s profits, thereby reducing its dependence on the plywood business and subsequently expected to improve the Group’s financial performance and shareholders’ value. Further, the Company will continue to secure more construction-related contracts and expand its new business, i.e, construction business. The Company will make relevant announcements on any material development on the above matter in accordance with the Main Market Listing Requirements of Bursa Securities (“MMLR”) as and when necessary;
2. Save for the Proposed Diversification, the Board is not aware of any rumour or report concerning the business and affairs of the Cymao Group that may account for the trading activity;
3. Save for the above, the Board is not aware of any other possible explanation to account for the trading activity; and
4. The Company and the Board are in compliance with MMLR, in particular Paragraph 9.03 of MMLR on immediate disclosure obligations.
Cymao unaware of sharp rise in price, volume TheStar Wed, Jan 06, 2021 02:31pm - 47 minutes ago
Cymao said it had enquired with the board of directors and major shareholders about the unusual market activity following the query by Bursa Malaysia Securities on Tuesday.
KUALA LUMPUR: Cymao Holdings Bhd, whose share price surged to a multi-high of RM1.93 earlier on Wednesday, says it is unaware of the recent spike in its price and volume of the shares.
Cymao said it had enquired with the board of directors and major shareholders about the unusual market activity following the query by Bursa Malaysia Securities on Tuesday.
Its share price closed at RM1.79 on Tuesday.
It rose to a high of RM1.93 earlier Wednesday. At midday, it shed six sen to RM1.73 with 2.50 million shares done.
It had on Dec 24, announced it had proposed to diversify to include construction, project management and related activities.
Except for the proposed exercise, the board was not aware of any corporate development relating to the group’s business and affairs that has not been previously announced.
“The board believes that the proposed diversification is expected to provide additional revenue stream and enhance the group’s profits, thereby reducing its dependence on the plywood business and subsequently expected to improve the group’s financial performance and shareholders’ value.
“Further, the company will continue to secure more construction-related contracts and expand its new business, i.e. construction business, ” it said.
shlyw Pay attention (CFM8044) There will be good news at this counter. 06/01/2021 4:47 PM shlyw The message of (CFM8044) should be the same as (kobay 6971). 06/01/2021 4:53 PM
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Posted by jjpang72 > 2021-01-06 09:45 | Report Abuse
TQ cymao!!