KUALA LUMPUR (Jan 17): Shares of Jentayu Sustainables Bhd (JSB) and APB Resources Bhd have dropped more than 15% on Wednesday’s morning trade, prompting Bursa Securities to suspend the counters’ intraday short selling (IDSS).
JSB hit a limit down as its share price dropped as much as 30% or 39 sen to a three-month low of 91 sen on Wednesday’s noon break.
At 91 sen, the loss-making group, which is engaged in renewable energy, healthcare and trading of building materials, had a market capitalisation of RM382.4 million.
Meanwhile, APB Resources decreased as much as 27.71% to a seven-month low of RM1.80.
APB Resources, which is involved in the fabrication of process equipment for the oleo-chemical, oil and gas, energy and petrochemical industries, then pared its losses to RM2.08 at the noon break — down 41 sen or 16.47% — giving the group a market capitalisation of RM234.78 million.
Over the past year, JSB shares have risen by 28.17% while APB Resources gained 44.44%.
The IDSS of JSB and APB Resources have been suspended for the rest of Wednesday, after their last done price fell by more than 15 sen or 15% of the reference price.
Short selling under the IDSS will only be activated at 8.30am, on Thursday.
The largest shareholder of JSB is Datin Norhaida Abu Sahid, who is the spouse of the group’s executive chairman Datuk Beroz Nikmal Mirdin with a 14.47% stake, Bloomberg data showed.
Norhaida is the director of Jentayu Capital Sdn Bhd as well as Borneo Sustainable Energy Sdn Bhd. Beroz Nikmal holds a 4.42% stake in JSB.
Meanwhile, Ikram Pintas Sdn Bhd is the largest shareholder of APB Resources, with a 27.95% stake.
On the financial front, JSB booked a RM7.15 million net loss for the first quarter ended Sept 30, 2023 (1QFY2024) versus a RM11.12 million net profit in 1QFY2023.
JSB made a gain on disposal of investment property of RM16.22 million in 1QFY2023, according to the group’s filing.
In contrast, JSB’s revenue expanded 24% to RM7.57 million from RM6.1 million a year earlier driven by revenue variation order from the Coara Marang project of RM670,000 and improvement in trading revenue of RM2.14 million.
APB Resources, meanwhile, reported RM2.25 million net profit for the three-month period ended Sept 30, 2023, 53.5% lower than RM4.84 million in the three-month period ended Sept 30, 2022.
This was mainly due to the net reversal of impairment losses on trade receivable and net reversal of liquidated and ascertained damages in the three-month period ended Sept 30, 2022.
APB Resources’ revenue was down by 5.09% to RM18.93 million from RM19.95 million with a lower gross profit margin of 33.9% from 37.1% due to product mix.