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Malaysian Reserve

Tan Chong says unaware of factors behind sharp share price spike

TAN Chong Motor Holdings Bhd said it is not aware of any corporate development or negotiation that could explain the unusual surge in its share price and trading volume on Wednesday. In a filing to Bursa Malaysia, the automotive group said it had made due enquiries with its directors, major shareholders, and relevant personnel, and confirmed that it is in compliance with disclosure obligations under the listing rules. This follows a unusual market activity (UMA) query from Bursa after Tan Chong's shares jumped as much as 44% to 83.5 sen, its highest level in nearly a year, before closing at 79 sen with 29.6 million shares traded. The stock eased 4.43% to close at 75.5 sen today, giving the group a market value of RM507.36 million, but remained among the top 20 most active counters. — TMR