Bursa queries Bioalpha after share price jumps 135%

Bioalpha Holdings Bhd

Bioalpha Holdings Bhd

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KUALA LUMPUR (April 20): Actively-traded Bioalpha Holdings Bhd, which has seen its share price jumped 135% since its listing last Tuesday (April 14), received an unusual market activity (UMA) query from Bursa Malaysia.

Bourse regulator and operator Bursa Malaysia has issued the UMA query, following the recent rise in the share price and volume of government-controlled health-supplement manufacturer Bioalpha (fundamental: N/A; valuation: N/A).

"We draw your attention to the recent rise in price and volume of the Company’s shares," Bursa said.

Today, Bioalpha shares rose as much as 8.5 sen or 22% to 47 sen. This is a 27 sen or 135% jump from its initial public offering (IPO) share price of 20 sen each.
At 2:35pm today, Bioalpha, the second most-active counter with some 159 million shares, changed hands at 42.5 sen.

Bioalpha's IPO involved the sale of 100 million new shares at 20 sen each to raise RM20 million.

Of the RM20 million gross proceeds, a RM3 million portion was each earmarked for capital expenditure and R&D. The company has allocated RM9.08 million for working capital and RM2.62 million for repayment of bank borrowings.

The Ministry of Finance Inc owns a controlling 51.4% indirect stake in Bioalpha.

Bioalpha had not responded to Bursa's query at the time of writing.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)