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KUALA LUMPUR (Dec 7): IOI Properties Group Bhd, whose share price nearly hit the cap today as it soared to a two-year high, has received an Unusual Market Activity (UMA) inquiry from Bursa Malaysia.
Shares of IOI Properties rose 29.55% or 39 sen to close at RM 1.71, after 72.76 million shares were traded, far exceeding its 200-day average volume of 2.01 million. It has a market capitalization of RM9.36 billion.
The stock has doubled since trading at 85 sen in early November.
“We draw your attention to the sharp increase in the price and volume of your company’s shares recently,” a presentation to the local stock exchange said today.
Bursa requested that IOI Properties disclose any investment decision, corporate development, rumor or report on the group’s business and affairs, and any other possible reason, for the sharp increase in its share price and volume traded.
IOI Properties’ net income increased 16.9% to RM 192.11 million in the first quarter ending September 30, 2020 (1QFY21), from RM 164.39 million in the same quarter last year, while revenue increased 22.1% to RM 659.67 million from RM 540. .32 million. Consequently, earnings per share increased to 3.49 sen from 2.99 sen.
The company attributed the better earnings performance to higher property sales at its operations in Malaysia and China.
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