KUALA LUMPUR (Jan 16): Sarawak Consolidated Bhd (SCIB) has received an unusual market activity (UMA) query from Bursa Malaysia over the sharp fall in its share price on Tuesday.
SCIB, the day’s third largest loser on Bursa Malaysia, saw its shares plunge 29.83% or 35.5 sen to close limit down at 83.5 sen, valuing the company at RM534.6 million.
The stock was also the day’s second most actively traded, with some 230.2 million shares changing hands, more than five times SCIB’s 200-day average volume of 45.7 million shares.
The sell-off ended a rally that lasted a little over three months since October 2023, which saw the counter rise as much as 161% in just three months to a peak of RM1.19 on Monday (Jan 15), its highest since June 2021.
Over the past one year, SCIB shares have risen by 475%, even after including Tuesday’s pullback.
Bursa Malaysia, in its query, asked SCIB to disclose any corporate developments, rumours or reports concerning the business and affairs of the group which may account for the UMA.
SCIB bags RM98 mil EPCC contract
In a separate filing, SCIB said it has bagged an engineering, procurement, construction and commissioning (EPCC) subcontract worth RM97.75 million.
It said the subcontract, secured by its unit SCIB Industrialised Building System Sdn Bhd from Landasan Kapital (M) Sdn Bhd, involved supplying materials, labour, tools and equipment for the execution of civil and structural, architectural and mechanical works for the construction of a residential college at Universiti Malaysia Kelantan’s Bachok campus.
The tenure for the subcontract is 23 months, and it is expected to contribute positively to the company’s future earnings, said SCIB.