KUALA LUMPUR Nov. 16 - Bursa Malaysia Securities wishes to draw investors' attention to the recent sharp rise in the price of GETS shares and to the Company’s responses to the latest two Unusual Market Activity (UMA) queries issued by Bursa Malaysia Securities on 20 October 2020 and 12 November 2020.
The company has in its responses to these two UMA queries confirmed that it was not aware of any corporate development or explanation that could give rise to the unusual trading activities in its shares.
Bursa Malaysia Securities would like to advise investors to exercise caution and to make informed decisions in trading of GETS shares.
Bursa Malaysia Securities will not hesitate to take appropriate regulatory action to ensure fair and orderly trading of GETS shares.
Meanwhile, theedgemarkets.com, quoting sources familiar with the matter, reported previously that investors who intend to buy shares in GETS Global and Vivocom Intl Holdings Bhd via RHB must now have cash or securities as collateral in their accounts in order to execute purchase orders.
The collateral requirement comes after a meteoric rise in the share prices of the two loss-making companies. The requirement reportedly takes effect today.
The company's market capitalisation has ballooned to RM849.68 million at present.
The rally coincided with news that Vivocom had struck a deal with Datuk Seri Chia Kok Teong to buy 45% of V Development Sdn Bhd for RM171 million through a combination of cash, issuance of consideration shares and/or irredeemable convertible preference shares. The deal is deemed as a related party transaction as Chia is Vivocom's substantial shareholder with 23.04% stake and he controls 96.8% stake in V Development.
On top of that, Vivocom also got into a subscription agreement with Golden Key Portfolio Sdn Bhd for a private placement of 169.94 ordinary shares in Vivocom, representing 30% of total issued shares at a subscription price of 35 sen per share.
The rise in the share price of GETS Global was even more dramatic. The counter soared from nine sen on July 30 to RM3.71 this week. The main fuel of the strong rally was probably the announcement of its plan to venture into rubber glove manufacturing after the emergence of a new substantial shareholder, namely Teong Lian Aik. - DagangNews.com
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