GIIB gets UMA query from Bursa after 50% surge

PETALING JAYA: GIIB Holdings Bhd has confirmed it is exploring a potential investment in a healthcare-related business, following a query from Bursa Malaysia over a sharp surge in its share price and trading activity.

The counter rose as much as 50% to 16.5 sen during intraday trading on May 4 before closing at 16 sen, up about 45.5% for the day and marking its highest level in more than four years.

A total of 56.8 million shares were traded, placing it among the most actively traded stocks on the exchange.

In response to Bursa Malaysia’s unusual market activity or UMA query, the group said it is currently evaluating a potential investment in a healthcare-related business, although details and terms have yet to be finalised.

It added that it would make the necessary announcements in line with listing requirements should there be any material developments.

Apart from this, the board said it is not aware of any other corporate developments, rumours or reports that could have contributed to the heightened trading activity.

The company also confirmed it is in compliance with disclosure requirements.

The query follows the release of GIIB’s audited financial statements for the year ended Dec 31, 2025, which drew a qualified opinion from external auditor Baker Tilly Monteiro Heng PLT.

The auditors cited limitations in verifying the deconsolidation of a glove manufacturing subsidiary and the recoverability of related receivables.

The audit also highlighted financial pressures, with the group reporting net losses, negative operating cash flow and a position where current liabilities exceeded current assets, indicating a material uncertainty over its ability to continue as a going concern.