KUALA LUMPUR (May 4): GIIB Holdings Bhd (KL:GIIB) said it is evaluating a potential investment in a healthcare-related business in response to Bursa Malaysia’s query over the recent surge in its share price.
The company said the proposal is still at a preliminary stage, with key details and terms yet to be finalised. GIIB’s principal activities include rubber compounding, tyre retreading, rubber trading and property development.
“The board wishes to inform that the company is currently in the midst of considering a potential investment in a healthcare-related business,” GIIB said in a bourse filing on Monday, adding that it will make the necessary announcements should there be any material developments.
Apart from this, the group said it is not aware of any other unannounced corporate developments that could explain the unusual trading activity.
It also claims ignorance of any specific rumours or reports concerning its business and affairs that may have contributed to the sharp movement in its shares.
The response came after Bursa Malaysia issued an unusual market activity (UMA) query following a sharp rise in GIIB’s share price on Monday, which climbed as much as 50% intraday before closing 45.45% higher at 16 sen, a more than four-year high, with 56.8 million shares traded.
It was the fifth most actively traded stock on the exchange.
The stock surged despite the group’s auditor recently flagging a material uncertainty related to its ability to continue as a going concern, citing losses, negative operating cash flow and a mismatch between short-term liabilities and assets.
The auditors had also issued a qualified opinion on GIIB’s financial statements for the financial year ended Dec 31, 2025 (FY2025), partly due to their inability to verify the deconsolidation of its glove manufacturing unit and the recoverability of amounts owed to the group.