Maxbiz sees 2m shares done off-market at 18 sen each (Edge)

Maxbiz Corp Bhd’s share price rose in late afternoon trade on Wednesday, Jan 5, in the absence of fresh positive news while there were two million shares transacted in an off-market deal.

Maxbiz, which triggered the Practice Note 17 criterion, rose three sen to 18 sen with 22.8 million shares done as at 3.34pm.

As for the off-market deal, stock market data showed two million shares or a 1.4% stake, was crossed at 18 sen each. Its paid-up is 142.23 million shares.

On Monday, Bursa Malaysia Securities Bhd deemed Maxbiz had triggered the PN 17 criterion. Maxbiz was directed by Bursa Malaysia Securities to make an immediate announcement in accordance with Paragraph 4.0 of PN 17 that it has triggered the prescribed criterion under paragraph 2.1(f) of PN 17.

To recap, Bursa Securities had granted an extension until Dec 27, 2010 for Messrs. Gomez & Co to complete and submit its PN 17 assessment report to Bursa but the said report was not submitted to Bursa Securities by the due date.

Hence, Bursa Securities deemed the company had failed to comply with the requirements and obligations as stated in the Bursa Securities' letters dated Nov 10, Dec 9 and Dec 24, 2010 respectively.