Bursa Malaysia Securities Bhd has queried Grand Hoover Bhd due to the sharp rise in the price and volume of shares recently.

At 4.06pm, it was up 40 sen to RM1.76. There were 1.91 million shares done at prices ranging from RM1.47 to RM1.76.

Shares of the property development company had surged from 76 sen on Feb 2.

The regulator advised investors to take note of the company’s reply to the unusual market activity query which will be posted at Bursa Malaysia’s website when making their investment decision.

It directed the company to enquire with its directors, major shareholders and such other relevant persons whether there is any corporate development relating to your group’s business and affairs that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion.

It also queried the company whether there was any rumour or report concerning the business and affairs of the group that may account for the trading activity.