KUALA LUMPUR (Jan 18): The selling wave on penny stocks hit Tanco Holdings Bhd on Thursday morning, with its shares tumbling by 17.5 sen or 26.72% after the opening bell, prompting Bursa Securities to suspend the counter's intraday short selling.
At the time of writing, shares of Tanco have plunged to 48 sen from 65.5 sen, wiping out all its gains accumulated since October last year. Just Tuesday, the stock hit its five-year high at 65.5 sen.
The thinly traded stock has seen a trading volume of 44.38 million as of 11am. At 48 sen, the company has a market capitalisation of RM971.6 million, down RM354.25 million from RM1.32 billion on Tuesday.
The substantial shareholders of the company are TJN Capital Sdn Bhd holding a 39.20% stake and Tan Jun Suan holding 10.97%.
Tanco, which was listed on the Main Market in 1961, was principally engaged in plantation business activities in Kuantan, Pahang. It later diversified into property development, including projects like the Bandar Country Homes in Rawang. It has also moved into business related to tourism, leisure and entertainment.