The Securities Commission (SC) - the regulator of the country's capital markets - is believed to have started a probe on Tiger Synergy Bhd.

According to sources, the probe is centered on two fronts.

"The first is centered on the Tiger board ignoring a directive by SC to release the firms shareholder registra to Hayat Maya Sdn Bhd," a source told Astro Awani.

Hayat Maya is a company controlled by Datuk Mohd Nadzmi Mohd Salleh. He is the former chairman of Proton Holdings Bhd and a controlling stakeholder of Nadicorp Holdings Sdn Bhd -- a private company with interest in textiles, coach building, properties, agriculture and public transportation business.

The second probe is believed to be related to a statement made by the company last Thursday.

To recap, Tiger Synergy made the cessation of shareholder announcement last Thursday (May 9) when Hayat Maya sold 215,000 warrants at 20 sen each.

However, on Monday (May 13), Tiger Synergy clarified that Hayat Maya still remain its substantial shareholder, but has ceased to be a substantial warrant holder.

"The SC is interested to know if the 215,000 warrants is equvailent to five per cent or is it a case to mislead the public," said the source.

So far, SC and Tiger spokespeople are not able to be reached for comments.

Tiger Synergy grabbed headlines last year when Mohd Nadzmi, via Hayat Maya, emerged as a substantial shareholder. Interest in the company's shares also gained traction as punters were speculating if it could lead to a hostile takeover.

Interest in the company's shares, with slowed down over the past few months, began to pick up over the past few trading days.

Since May 9 (until yesterday), trading of Tiger Synergy shares was averaged at over 31 million shares. During the period, its share price gained by more than 20 per cent at 35 sen.

In contrast, its average trading volume between April 8 and May 8 was at about 9.9 million shares -- during which Tiger Synergy share price was in the range of 26.5 sen and 28.5 sen.

At 12:30pm, Tiger Synergy shares declined by 0.5 sen to 34.5 sen with more than 17 million shares changed hands.