According to Sources: Melewar

So juicy and seducing was the story told by Star Bizweek ( According to Sources ) and Business Times ( According to Sources: Penang Monorail ) that Melewar closed the morning trade up some 30%!

This has prompted the SC to do the WAZZAP thingy, UMA (Unsual Market activity) on Melewar.

• UNUSUAL MARKET ACTIVITY
  
  We draw your attention to the sharp increase in price and high volume in your Company's securities today.
  
  In accordance with the Corporate Disclosure Policy on Response To Unusual Market Activity pursuant to paragraph 9.11 of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities LR"), you are requested to furnish Bursa Malaysia Securities Berhad ("Bursa Securities") with an announcement for public release after making a due enquiry seeking the cause of the unusual market activity in the Company's securities.
  
  In this respect, you are also required to publicly confirm, amongst others, the following:-
  
  1. whether there is any corporate development relating to your Group's business and affairs that has not been previously announced that may account for the unusual market activity including those in the stage of negotiation / discussion. If yes, kindly provide the details including the status of the corporate development to enable investors to make informed investment decision;
  
  2. whether there is any rumour or report concerning the business and affairs of the Group that may account for the unusual market activity and in this respect, you are required to comply with paragraphs 9.09 and 9.10 of the Bursa Securities LR;
  
  3. whether you are aware of any other possible explanation to account for the unusual market activity; and
  
  4. your compliance with the Bursa Securities LR, in particular paragraph 9.03 on disclosure of material information.
  
  Please note that the contents of the announcement must be endorsed by the Board of Directors of the Company and the announcement must reach Bursa Securities by today via Bursa LINK.

Oohh.... what's up next? I wonder. I really wonder.

And Melewar Industrial Group, I actually blogged on this stock long ago. Well, it USED to be a highly good investment grade stock called Maruichi. Yeah, USED to be.

See past blog posting: Lawar kah Melewar? (blogged on Oct 2005)