KUALA LUMPUR (Jan 18): Silver Ridge Holdings Bhd, whose share price hit limit-down on Thursday, said it has received an unusual market query (UMA) from Bursa Malaysia.
Bursa asked the group if there was any corporate development relating to its business and affairs that had not been previously announced, or if there was any rumour, report or other possible explanation that may account for the trading activity, according to a filing.
The telecommunication services provider closed the day 35.5 sen or 29.58% lower at 84.5 sen, for a market value of RM188 million. Some 14 million shares were traded.
The stock had opened unchanged at RM1.20 and edged up to RM1.21, before selling pressure kicked in, bringing down the counter by as much as 30% or 36 sen to 84 sen in morning trade.
With this, Silver Ridge has fallen 37.5 sen or 30.74% since rising to an all-time high of RM1.22 on Monday, resulting in a market capitalisation loss of RM83.48 million to RM188 million.
The counter saw a rally from July 2020 to April 2021, resulting in an all-time high of RM1.04 back then. The stock subsequently was on a declining trend, before rebounding since April 2022.
For its first financial quarter ended Sept 30, 2023, Silver Ridge posted a net profit of RM24,000 compared to a net loss of RM1.03 million a year ago, as revenue increased 65.7% to RM4.24 million from RM2.56 million previously, attributed to newly secured contracts.
Silver Ridge's substantial shareholders are Datuk Mohd Suhaimi Abdullah (11.54%), Datuk Khoo Yik Chou (7.83%) and Sapphire Pavillion Ltd (6.27%).