KUALA LUMPUR (March 14): Volcano Bhd, which has been issued with an unusual market activity (UMA) query by Bursa Malaysia following a 24% spike in its share price, said it is assessing an equity fundraising exercise.

The nameplate and plastic injection moulded parts maker said it will make an announcement on the matter in due course, subject to relevant due diligence reviews.

Apart from that, there is no corporate development relating to Volcano's business that has not been previously announced that may account for the trading activity, the group said in a filing on Tuesday (March 14).

The UMA query was issued on Monday after the group's shares jumped 21 sen or 23.86% to RM1.09, with 23.43 million shares traded. Year to date, the counter has climbed 124.74%.

On Tuesday, Volcano fell six sen or 5.5% to RM1.03, giving the group a market capitalisation of RM169.95 million.

For the quarter ended Dec 31, 2022, Volcano’s net profit fell 58.48% to RM837,000, compared with RM2.02 million in the same quarter of 2021, as revenue slipped 12.56% to RM15.9 million from RM18.18 million.

Volcano, which was listed on Bursa Malaysia's ACE Market in April 2021, has changed its financial year end from Dec 31 to June 30.

Its substantial shareholders are Datuk Ch’ng Huat Seng with a 16.97% stake, followed by Datuk Wong Tze Peng with 14.85%, Gan Yew Thiam and Khoo Boo Wui with 12.73%, and Yeap Guan Seng with 6.36%, according to the group's 2021 annual report.