Responding to Bursa Malaysia Securities’ unusual market activity (UMA) query, the Perak state-owned entity said it is not aware of any corporate development relating to its business and affairs that could explain the recent surge in share price and trading volume.

The exchange regulator issued the UMA query after the stock rose as much as 20% to 89 sen yesterday, its highest level since May 2018.

The counter has been on a phenomenal run over the past one month. It closed at 23.5 sen on Sept 30 and hit a high of 95 sen earlier today, a surge of nearly 305%.

“The board is not aware of any rumour or report concerning the business and affairs of the company and its subsidiary companies that may account for the trading activity,” it said in a bourse filing today.

However, Perak Corp said it is in talks with various parties on potential ventures and business.

“None of these preliminary discussions have resulted in any definitive agreement and neither has it been deliberated and approved by the board that requires immediate public disclosure,” it added.

The company noted it had previously submitted its proposed regularisation plan for Bursa Securities’ approval as well as other corporate proposals. The regulator has yet to deliver its decision on whether to approve or reject the regularisation plan submitted in May this year.

The company fell under the PN17 classification in 2020 following the closure of its Movie Animation Park Studios theme park in Ipoh, and a default on its term loan.

Its largest shareholder with a 52.9% stake is Perbadanan Kemajuan Negeri Perak, the state economic development corporation.

The stock closed 5.9% or five sen higher at 90 sen, giving it a market capitalisation of RM90 million.