KUALA LUMPUR (June 4): GIIB Holdings Bhd (KL:GIIB) has been issued an unusual market activity (UMA) query after the rubber compounds manufacturer’s shares climbed to an over five-year high.
Bursa Malaysia has asked the company to explain the sharp rise in its share price and trading activity, including whether there are any undisclosed corporate developments, rumours, or other factors behind the movement, and to confirm its compliance with listing rules, according to a bourse filing on Thursday.
The stock closed at a more than five-year high of 47 sen on Thursday, up 2.5 sen or 5.62% for the day, with 46.24 million shares traded. Year to date, the counter is up 526.7%.
The last price values the company at RM336.3 million.
GIIB shares began their surge on April 30, when they closed at 11 sen. The counter has since climbed 327.3%.
The company was hit with a similar UMA a month ago. In response to that query, it said it is evaluating a potential investment in a healthcare-related business.
Looking at GIIB’s recent filings, Mega Fortris Global Pte Ltd, the largest shareholder of security seal specialist Mega Fortris Bhd (KL:MEGAFB), emerged as a substantial shareholder of GIIB on May 20 after it subscribed to a 9.09% stake.
Meanwhile, Singapore-based HAGF Investment (I) Pte Ltd ceased to be a substantial shareholder on May 18. Before it sold down its stake, HAGF Investment had a 16.56% stake as at April 25.
GIIB's share surge also came despite its auditors flagging, at the end of April, a material uncertainty regarding its ability to continue as a going concern, citing losses, negative operating cash flow, and a mismatch between short-term liabilities and assets.
For the 18-month period ended Dec 31, 2025, GIIB posted a net loss of RM24.5 million, partly due to a RM17.7 million impairment on receivables, on revenue of RM59.6 million.