GIIB Holdings Bhd said it is evaluating a potential investment in a healthcare-related business following a query from Bursa Malaysia over unusual trading activity in its shares.
In a filing on Monday, the group said the proposal is still at a preliminary stage, with key terms and details yet to be finalised.
The stock surged despite the group’s auditor recently flagging a material uncertainty related to its ability to continue as a going concern, citing losses, negative operating cash flow and a mismatch between short-term liabilities and assets.
“The board wishes to inform that the company is currently in the midst of considering a potential investment in a healthcare-related business,” it said, adding that any material developments will be announced accordingly.
GIIB, whose core businesses include rubber compounding, tyre retreading, rubber trading and property development, said it is not aware of any other corporate developments or rumours that could explain the recent share price movement.
The clarification came after Bursa issued an unusual market activity (UMA) query, following a sharp spike in GIIB’s share price on Monday. The stock rose as much as 50% intraday before closing 45.45% higher at 16 sen, its highest level in over four years, with 56.8 million shares traded.
It was also the fifth most actively traded stock on the exchange.
The surge came despite auditors recently flagging uncertainty over GIIB’s ability to continue as a going concern, citing losses, negative cash flow and a mismatch between short-term liabilities and assets. Auditors also issued a qualified opinion on its FY2025 accounts due to issues including the deconsolidation of its glove unit and recoverability of receivables.
