Is this ‘corporate mafia’ man heading for the exit?
Inside a 16-day window and a vanishing substantial shareholder.
Last week, one Bursa-listed firm was under the spotlight after the bourse initiated an unusual market activity (UMA) query.
GIIB Holdings, a rubber-parts maker, saw its share price skyrocket on 4 May. By the close that day it was the fifth most actively traded counter on Bursa Malaysia.
In response to the UMA, GIIB denied knowledge of the share spike but hypothesised that the rally could have been due to news that it would be diversifying into healthcare.
On a typical day, such a company wouldn’t get a mention here. This is a penny stock underpinned by a traditional business: rubber parts.
But for anyone clued into the so-called corporate-mafia saga, the company rings a bell.
There are a few moving parts here, and I’ll work through them properly in next edition edition, including the surfacing of some old money.
But there is a development that’ll make up this morning’s newsy brief.
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