MMAG unaware of reason for UMA

KUALA LUMPUR: MMAG Holdings Bhd, which received an unusual market activity (UMA) query from Bursa Malaysia, said it is unaware of any reason for the sharp fall in its share price recently.

MMAG shares tumbled 59.78%, or 27.5 sen to 18.5 sen, while its warrant MMAG-WC plunged 81.08%, or 30 sen to seven sen, placing both among the top decliners on Bursa Malaysia.

“There is no corporate development relating to the business and affairs of the company and its subsidiaries that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion,” the logistics service provider said in a reply to the UMA query.

The company also said it is not aware of any rumour or report concerning its operations that could have triggered the recent volatility.

“The board is not aware of any other possible explanation to account for the trading activity,” it said.