PETALING JAYA: Sanichi Technology Bhd was issued an unusual market activity (UMA) query by Bursa Malaysia Securities Bhd on the sharp fall in price of the company’s shares recently.
Sanichi’s share price has fallen 53% to 8 sen today from 17 sen last Thursday (Dec 6). At 5pm’s close, Sanichi saw 46.66 million shares changing hands.
In response to the query, Sanichi said there are no corporate developments and it is not aware of any rumour or other possible explanation that could have contributed to the sharp rise in its share price.
Earlier this week, Sanichi entered into a memorandum of understanding with FKS Holdings Pte Ltd to supply fresh produce for international food and beverage industry and provide Japanese fine dining cuisine. Sanichi owns 70% of the joint venture, while the balance 30% goes to FKS.