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KUALA LUMPUR (Nov 12): Gets Global Bhd, which was issued an unusual market activity (UMA) query by Bursa earlier today, said it is unaware of the reason behind the sharp rise in its share price and trading volume.

After making due inquiries with its directors, major shareholders and other relevant persons, the bus transport company said it does not know of any corporate development in relation to its affairs that has not been previously disclosed that may account for the trading activity.

It also said that it is not aware of any rumour, report or any other possible explanation for the trading activity.

The company saw a surge in its share price today, gaining 30% or 73 sen to close at RM3.17, translating into a market capitalisation of RM399.42 million.

Its shares have been on an uptrend since early November, rising 220% since its closing of 99 sen on Nov 2.

Gets Global was slapped with an earlier UMA query on Oct 20, to which it also replied that it was not aware of any factors that may have influenced the rise in its share price then.

In September, the company announced its plan to venture into the manufacturing of gloves, following the emergence of a new substantial shareholder Teong Lian Aik.

As at Aug 21, Teong owns 9.92 million shares or a 7.873% equity stake in Gets Global.

http://www.theedgemarkets.com/article/gets-global-unaware-reason-behind-unusual-rise-share-price