Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query on SAAG Consolidated (M) Bhd over the high trading volume of its shares.The regulator said on June 11 that there was “persistent high trading interest” in the company's securities recently and directed SAAG to publicly confirm whether there was any corporate development relating to its group’s business and affairs that had not been previously announced that may account for the UMA including those in the stage of negotiation / discussion.
It also queried SAAG whether there was any rumour or report concerning the business and affairs of the Group that may account for the unusual market activity.
“…whether you are aware of any other possible explanation to account for the unusual market activity; and your compliance with the Bursa Securities listing requirements (LR), in particular paragraph 9.03 of the Bursa Securities LR rules on immediate disclosure obligations,” it said.
SAAG share price was up 0.5 sen to 37.0 sen with nearly 89 million shares done at 5.00pm.
SAAG Consolidated management reply ................
9652 SAAG SAAG CONSOLIDATED (M) BHD
Unusual Market Activity
SAAG Consolidated (M) Bhd ("SAAG" or "the Company")
- Unusual Market Activity
We refer to Bursa Malaysia Securities Berhad's ("Bursa Securities") letter
dated 11 June 2009 in relation to the unusual market activity of the Company's shares.
In accordance with the Corporate Disclosure Policy on Response to Unusual Market Activity pursuant to paragraph 9.11 of the Listing Requirements of Bursa Securities ("Bursa Securities LR"), the Board of Directors of SAAG ("Board") has observed the following:-
1. The number of shareholders of SAAG as per the Record of Depository on 31 December 2008 is 5,973 and this has increased to 10,980 as per the Record of Depository on 28 May 2009.
2. Relevant announcements have been made to Bursa Securities in relation to all notifications received from the substantial shareholders of SAAG.
3. On 29 May 2009 and 2 June 2009, the Company has announced that its wholly-owned subsidiary, SAAG (L) Limited (SAAGL) will be issuing the 1st Tranche and the 2nd Tranche of SAAGL Exchangeable Bonds comprising USD5 million nominal value Exchangeable Bonds each respectively.
4. The First Quarter Results of SAAG has been announced on 29 May 2009.
5. The SAAG Group is continuously looking for business opportunities in the oil and gas industry. Appropriate announcements will be made if and when any of these business opportunities materialise, should it fall within the ambit of the Bursa Securities LR.
6. The high volume of the Company's shares being traded may also be
attributable to the fact that the Company's shares were subdivided from the then one existing ordinary share of RM1.00 each into ten ordinary shares of RM0.10 each on 11 July 2008.
Save as disclosed above, the Board after having made due enquiries, wishes to advise that to the best of its knowledge, it is not aware of any of the following that may or may not have contributed to the unusual market activity:-
i) any corporate development relating to the Group's business and affairs
that has not been previously announced that may account to the unusual market activity including those in the stages of negotiations/discussions.
ii) any rumour or report concerning the business and affairs of the Group
that may account for the unusual market activity.
iii) any other possible explanation that may account for the unusual market
activity.
The Board also confirms that the Company is in compliance with the Bursa Securities LR in particular Paragraph 9.03 on immediate disclosure obligations.
This announcement is dated 11 June 2009.
11/06/2009 05:56 PM
Looks like SC is trying to nail SAAG this time. Pity SAAG holders from tomorrow Friday 9.00am opening bell ...........
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