KUALA LUMPUR (April 20): Bioalpha Holdings Bhd, which debuted on the ACE Market of Bursa Malaysia last Tuesday (April 14) but saw its share price jump as much as 135% since then, told Bursa Malaysia today that it was not aware of any unannounced corporate development that may account for the recent price hike in its shares.

In a filing to the bourse today, it also said it is not aware of any rumour or report concerning its business or affairs — or that of its subsidiaries — that may account for the unsual market activity (UMA).

Hence, is not aware of any possible explanation that cound account for the UMA.
 
The explanation from the government-controlled health supplement manufacturer came after an UMA query was issued by Bursa earlier in the day, following the recent spike in is share price and volume. The Ministry of Finance Inc owns a controlling 51.4% indirect stake in Bioalpha.

Bioalpha’s shares rose as much as 8.5 sen or 22% to 47 sen today. This is a 27 sen or 135% jump from its initial public offering (IPO) share price of 20 sen each.

It was last done at 41.5 sen today, after some 193.83 million shares were traded, which gave it a market capitalisation of RM192.3 million.
 
Bioalpha's IPO involved the sale of 100 million new shares at 20 sen each to raise RM20 million.

Of the RM20 million gross proceeds, a RM3 million portion was earmarked for both capital expenditure and R&D. The company has allocated RM9.08 million for working capital and RM2.62 million for repayment of bank borrowings.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)