UNUSUAL MARKET ACTIVITY
|INSTACOM GROUP BERHAD|
|Type||Reply to Query|
|Reply to Bursa Malaysia's Query Letter - Reference ID||IQL-19112015-00003|
|Subject||UNUSUAL MARKET ACTIVITY|
INSTACOM GROUP BERHAD ("INSTACOM" OR THE "COMPANY") UNUSUAL MARKET ACTIVITY
|Query Letter Contents||
We draw your attention to the sharp rise in price and volume of your Company’s shares recently (“trading activity”).
NORSEHA MOHD ARSAT
INSTACOM GROUP BERHAD ("INSTACOM" OR THE "COMPANY")
We refer to the letter dated 19 November 2015 from Bursa Malaysia Securities Bhd (“Bursa Securities”) in relation to the unusual market activity (“UMA”) of the Company’s securities recently.
In accordance with Paragraph 9.11 of the Listing Requirements of Bursa Securities for the ACE Market, on behalf of the Company, the Board of Directors wishes to clarify that to the best of their knowledge and after having made due enquiries with the Directors, major shareholders and such other relevant persons, the Company is not aware of any:
1. Corporate Development relating to the Group’s business and affairs that has not been previously announced that may account for the UMA including those in the state of negotiation/discussion;
2. Rumour or report concerning the business and affairs of the Group that may account for the UMA; nor
3. Possible explanation to account for the UMA,
save and except for the following:
a. The Company had on 12 November 2015 announced the following :-
i. On 12 November 2015, via its subsidiary company, Vivocom Enterprise Sdn Bhd, had received and accepted the Letter of Award (“LOA”) from CRCC Malaysia Berhad, for the provision of construction works for the second package of the proposed mixed commercial development known commercially as 1Gateway, consisting of duplex, shop office, hotel tower, anchor lot, cineplex and related external works at Lots 6879-6890, 10293-10304, Mukim Klang, Daerah Klang, Selangor Darul Ehsan (“1Gateway project”). The 1Gateway project is valued at Ringgit Malaysia : One Hundred Ninety Five Million Five Hundred Twenty Five Thousand Only (RM195,525,000); and
ii. On 12 November 2015, via its subsidiary company, Vivocom Enterprise Sdn Bhd, had received and accepted the Letter of Award (“LOA”) from CRCC Malaysia Berhad, for the provision of construction works for the second package for the condominium project known commercially as Pavilion Hilltop, consisting of three (3) blocks of condominiums, clubhouse, restaurant, kindergarten, swimming pool and four (4) levels of car park, at Lot 67210 (G70960) Mont Kiara, Mukim Batu, Kuala Lumpur (“Pavilion Hilltop project”). The Pavilion Hilltop project is valued at Ringgit Malaysia Thirty Four Million Seven Hundred Sixty Two Thousand Only (RM34,762,000).
iii. On 12 November 2015, via its subsidiary company, Instacom Engineering Sdn Bhd, had on 12 November 2015, received and accepted the Letter of Award (“LOA”) from Teras Millenium Sdn Bhd (“Teras”), to supply, deliver and install tower structures including monopoles, other site infrastructure and ancillaries on thirty (30) hub sites across the state of Perak, Negeri Sembilan and Sabah (“Tower Project”) in accordance with the Universal Service Plan as approved by the Malaysian Communications and Multimedia Commission (“the Commission”). The Tower Project is valued at Ringgit Malaysia Twenty Nine Million Only (RM29.0 million).
iv. That the Board of Directors of Instacom is proposing to change its name from "Instacom Group Berhad" to "Vivocom Intl Holdings Berhad".
CIMB IB Research had initiated coverage on Instacom and had on 18 November 2015, release their coverage report on Instacom.
The Company will make the necessary announcements to Bursa Securities of any further material development in compliance with Paragraph 9.03 of the ACE Market Listing Requirements of Bursa Securities.
This announcement is dated 19 November 2015.
|Company Name||INSTACOM GROUP BERHAD|
|Date Announced||19 Nov 2015|
|Category||General Announcement for PLC|