KUALA LUMPUR (Nov 30): CYL Corp Bhd said it was not aware of any corporate development that would have caused a sharp rise in its share price and trading volume recently.

It said this in a filing on Wednesday (Nov 30) in response to an unusual market activity (UMA) query from Bursa Malaysia.

CYL closed down five sen or 4.03% at RM1.19 on Wednesday with 1.38 million shares transacted. Year-to-date, the stock has surged 153.19%.

The company is valued at RM119 million based on the closing price of RM1.19.

In a separate filing, CYL announced the resignation of Ong Chong Chee as its independent and non-executive director effective immediately. Ong, 46, was appointed on Aug 26, 2020.

He resigned due to personal reasons, including to spend more time in specialised industries and companies where he can better add value to the board.

CYL is mainly involved in the plastics packaging industry through its wholly owned subsidiary Perusahaan Jaya Plastik (M) Sdn Bhd (PJP), which was founded by its 81-year-old managing director Chen Yat Lee, who has the largest stake of 34.8% in the firm.

Another 19.79% stake in PJP is held by his son and executive director Chen Teck Shin while PJP chairman and former attorney general Tan Sri Abu Talib Othman owns 10.04%.

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Bursa issues UMA query to CYL Corp