Scanwolf in the dark on reason for unusual market activity

KUALA LUMPUR: Scanwolf Corp Bhd, whose share price has risen more than 40% since a week earlier, said it is not aware of any corporate development, rumour or report that might have led to the recent rise in its share price and volume. 

Replying to an unusual market activity (UMA) query from Bursa Malaysia Securities, the plastic extrusion maker said none of its board mwembers or major shareholders were aware of any possible explanation.

At 11.15am, its share price was up two sen to 49.5 sen. Shares totalling 1.17 million were done at prices ranging from 49 to 51.5 sen.

Scanwolf shares closed at 45.5 sen, 2 sen lower, with 17.7 million shares changing hands.

Scanwolf has been in the limelight in recent months. On June 17, the company’s entire board, with the exception of co-founder and executive director Tan Sin Keat, was removed at an EGM on June 17. Five new directors were appointed.

It then formed a committee to investigate possible irregularities in the implementation of development projects. The move saw the suspension of the executive powers of Tan and financial controller Ng Chee Wai.

On July 2, major shareholders Better Project Management Sdn Bhd and ex-managing director Datuk Ch’ng Kong San disposed of their 19.83% and 8.68% stakes, respectively.

And in another turn of events, on July 9, two of three members declined to remain in the investigation committee, leaving just one representative of auditor PKF Covenant Sdn Bhd on the committee.

On Monday, Scanwolf announced several boardroom changes. It appointed Datuk Othman Talib as its independent and non-executive chairman, replacing Mak Hon Weng, who was removed from the post last month. Scanwolf also named Mua’amar Ghadafi Jamal Jamaludin as independent and non-executive vice-chairman. Mua’amar Ghadafi Jamal, 35, is currently executive director of Syarikat Pembinaan Caj Maju SdnBhd. It also made Teoh Teik Kean, 59, as executive director and Ong Sing Guan, 49, as independent non-executive director.

Scanwolf was listed on Bursa Malaysia on July 16, 2007. Its core businesses are designing and manufacturing plastic extrusions and property development.