KUALA LUMPUR (Jan 25): The securities of Hibiscus Petroleum Bhd surged in active trade in late afternoon on Wednesday, prompting a query from Bursa Malaysia Securities.
At 4.24pm, the shares were up 36 sen to Rm1.56 while the warrants jumped 17.5 sen to 88 sen with 149 million units transacted in the absence of strong positive newsflow.
The spike in price and volume prompted Bursa Securities to issue an unusual market activity (UMA) query on the trading of the company’s securities.
The most recent positive newsflow was in October 2011 when Hibiscus said it would make its first acquisition since listing on July 25 as a special-purpose acquisition company (SPAC) by proposing to acquire 35% of Lime Petroleum Ltd, which owns three exploration concessions in the Middle East for US$55 million (RM172.2 million) in cash.
At 4.24pm, the shares were up 36 sen to Rm1.56 while the warrants jumped 17.5 sen to 88 sen with 149 million units transacted in the absence of strong positive newsflow.
The spike in price and volume prompted Bursa Securities to issue an unusual market activity (UMA) query on the trading of the company’s securities.
The most recent positive newsflow was in October 2011 when Hibiscus said it would make its first acquisition since listing on July 25 as a special-purpose acquisition company (SPAC) by proposing to acquire 35% of Lime Petroleum Ltd, which owns three exploration concessions in the Middle East for US$55 million (RM172.2 million) in cash.
