KUALA LUMPUR (Jan 19): Silver Ridge Holdings Bhd, whose shares price hit limit down again for a second consecutive day on Friday, revealed that the group is discussing several business proposals in its response to the unusual market activity (UMA) query issued by Bursa Securities.
Other than these discussions, which are in the preliminary stages, the company said it was unaware of any corporate development related to the group’s business and affairs that may account for the sharp fall in its share price.
The company is in compliance with the Bursa Securities Listing Requirement on immediate disclosure obligations, it added.
The telecommunication services provider received the UMA query from Bursa Malaysia on Thursday after its shares price fell 35.5 sen or 29.6% to close at limit down of 84.5 sen.
On Friday, the stock closed at its six-month low of 54.5 sen after it lost another 30 sen or 35.5%. Over the past two days, the stock has shaved 54.6% from its market value. At 54.5 sen, the stock is valued at a market capitalisation of RM121 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 quarter ended Sept 30, 2023 (1QFY2024), 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%).