KUALA LUMPUR (June 25): YGL Convergence Bhd (KL:YGL), whose share price climbed to its highest level in three years on Tuesday said it was not aware of any possible explanation for the unusual market activity (UMA).

The counter climbed as much as 37.8% or seven sen to an intraday high of 25.5 sen — the highest since June 22, 2021 — prompting Bursa Securities to issue a UMA query.

At the closing bell, YGL pared its gains to 24.5 sen — still up six sen or 32.43% — giving it a market capitalisation of RM66.8 million.

YGL Convergence’s share price, which began its ascent on June 19, has surged 44% over the past week. Since the beginning of this year, the counter has risen 75%.

The company is principally engaged in the business of marketing and distribution of computer software and hardware, as well as solar installation.

Responding on Bursa’s UMA query, the company said it was not aware of any corporate development, rumour or report as well as possible explanation that may account the trading activity.

YGL Convergence's chief executive officer Yeap Kong Chean is the company's largest shareholder, holding a 17.16% stake, according to Bloomberg data.

For the fourth quarter ended March 31, 2024 (4QFY2024), the company’s net profit surged 210% to RM605,000 against RM195,000 a year earlier, thanks to its solar segment.

Revenue for the quarter under review jumped 95.5% to RM5.22 million from RM2.67 million.