KUALA LUMPUR (March 17): TT Vision Holdings Bhd (KL:TTVHB) said an article in a news portal on March 14 regarding a memorandum of understanding (MOU) the company had signed with Wawasan Open University (WOU) could have contributed to the sharp rise in its share price that day.

The company, however, pointed out that it had already made announcements on the signing of the MOU on March 6 and 7.

"We will continue to keep the public informed on further development on this MOU when the definitive agreement is signed and will make the necessary announcement in due course," TT Vision said in a filing on Monday, in response to an unusual market activity (UMA) query from Bursa Malaysia on March 14.

TT Vision shares had jumped 50% to hit a high of 81 sen on March 14. The counter closed the day at 72.5 sen for a gain of 34.26%, valuing the company at RM347.7 million. Some 29.6 million shares were traded.

In its announcement on March 6, TT Vision said the MOU signed that day was to facilitate "cooperation between WOU and TT Vision to upskill and reskill TT Vision’s workforce while also engaging in collaborative research projects and to create a long-standing partnership with one another".

In its response on Monday to the UMA query, TT Vision said it is not aware of any other reason for the sharp rise in the price and volume of its shares.

Shares of the machine vision equipment manufacturer closed five sen or 6.9% higher at 77.5 sen on Monday, valuing the company at RM371.7 million.