hai-o corporate maneuver explains the share price rise

Hai-o just made announcement on some corporate maneuver which include bonus shares, shares split and placement. the bonus is a real bonus given presumably from retained profit. this explains the rise of its price over the last week. This also reminds me of what NTPM did less than 1 year ago, by share split. One thing that puzzles me is if this is the reason of the rise, why investors know about it? isn't that we should live by efficient market theory? does this mean market is not efficient and we are not on a level playing field? certain people has insider information

(i) Proposed bonus issue of up to 16,891,469 new ordinary share of RM1.00 each held in Hai-O (“Hai-O Shares” or “Shares”) (“Bonus Shares”), to be credited as fully paid-up, on the basis of one Bonus Share for every five existing Shares (“Proposed Bonus Issue”) held in the Company on an entitlement date to be determined later (“Entitlement Date”) (“Proposed Bonus Issue”);
(ii) Proposed share split involving the subdivision of each Hai-O Share held in the Company into two ordinary shares of RM0.50 each in Hai-O (“Subdivided Shares”) (“Proposed Share Split”);
(iii) Proposed amendment to the Memorandum and Articles of Association of Hai-O (“Proposed M&A Amendment”); and
(iv) Proposed private placement of up to 10.0% of the then enlarged issued and paid-up capital of Hai-O (“Placement Shares”) (“Proposed Private Placement”).

For the full announcement please refer at bursa malaysia