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Ire-Tex gets UMA query after share price rise

The Edge logo The Edge 13/3/2018 Wong Ee Lin
http://assets.theedgemarkets.com/Ire-Tex-Corp_www.iretex.com__0.jpg © Provided by The Edge http://assets.theedgemarkets.com/Ire-Tex-Corp_www.iretex.com__0.jpg

KUALA LUMPUR (March 13): Ire-Tex Corp Bhd, whose share price surged six sen or 30% today, has been slapped with an unusual market activity (UMA) query by Bursa Malaysia.

In a filing today, the regulator drew attention to the “sharp rise in price and volume” of the company’s shares recently.

Bursa requested the company to state whether there was any corporate development relating to its business and affairs that had not been previously announced that may account for the unusual trading activity, including those in negotiation or discussion stage.

At 4.34pm, shares in Ire-Tex were up six sen or 30% to 26 sen in active trading with 40.55 million shares exchanging hands, for a market capitalisation of RM38.8 million

The stock, which has been on a declining trend over the last five years, has  surged by 126.09% from its all-time low of 11.5 sen on March 2.

The Penang-based company has been in the spotlight since April 2017 due to a boardroom tussle between the largest shareholder Elite Cosmo Group Ltd and the company’s directors.

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