By Khairie Hisyam
Bursa Malaysia Securities has issued an Unusual Market Activity (UMA) query to Eco World Development Group Berhad over the sharp increase in share price and traded volume of the group’s shares recently.
According to Eco World’s announcement on the exchange today, the query is dated Jan 6, 2014.
At the noon bell today, Eco World’s shares were up 45 sen or by 10.25%, closing the morning session at RM4.84.
This means Eco World’s share price has risen by a total of 79.25% in just one calendar month, given it traded at RM2.70 on Dec 6, 2013.
Of note, the price has been on a steady upward trajectory since Dec 30, 2013, when it was traded around RM3.40, climbing by 42.35% to the current price of RM4.84 per share in roughly a week.
Formerly known as Focal Aims Holdings Bhd, Eco World was renamed late last month following the completion of a reverse take-over (RTO) exercise by Eco World Development Holdings Sdn Bhd, which ignited interest in the Johor-based developer due to strong links to SP Setia.
Notably, Liew Tian Xiong, son of SP Setia president and chief executive officer Liew Kee Sin, now sits on the renamed Eco World Development Group’s board, on which another four SP Setia-connected individuals also sit.
Before the RTO was announced on Sept 17, 2013, then-Focal Aims was trading at 91 sen the previous day, and news of the take-over pushed its share price up to RM2.20 just a week after the announcement.
Before the RTO, the last time Focal Aims breached the 50 sen mark was on April 23, 2007 and it last touched the RM1.00 mark
At 2.51pm, Eco World was traded at RM4.74 with about 3.72 million shares traded.
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