Business

Maybulk’s unusual market activity

The Maybulk share price as it is.

Syndicated News
Written by Syndicated News

Kuala Lumpur — April 7, 2016:  Malaysian Bulk Carriers Berhad has told Bursa Malaysia that it was not aware of any reasons or any corporate exercise that may have contributed to the recent increase in its share price and high trading volume.

Maybulk’s price began a sharp increase beginning the middle of last month, when it rose from 52 sen to 76 sen on April 1. The price then went up further to 91 sen.

The group had posted a pre-tax loss of RM1.196 billion for the 2015 financial year ended last December 31, against a pre-tax profit of RM18.33 million previously.

Maybulk had announced two days ago that it intends to seek the approval of its shareholders at an annual general meeting for a proposed renewal of shareholders’ mandate for recurrent related party transactions of a revenue or trading nature.

It is also proposing a renewal of authorisation for the purchase of own shares.

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Syndicated News

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