KUALA LUMPUR (Jan 19): Bursa Malaysia Securities Bhd has put a freeze on the lower limit share price for Jentayu Sustainables Bhd after the stock hit the limit down circuit breaker for two days in a row.
The lower limit freeze is set at 50 sen, where the stock last settled, which is also its lowest in 16 months.
The loss-making renewable energy player's counter, which continued to succumb to heavy selldown on Friday, lost 30 sen or 37.5% from Thursday's close of 80 sen. At 50 sen, the stock is valued at RM219 million.
Cumulatively, it has dropped 80 sen or 61.5% over the past three trading days, wiping out RM350.4 million of the company’s market capitalisation.
Previously, Jentayu said it had no idea what could have contributed to the volatile trading of its shares when issued a query from Bursa Securities, other than the recent completion of a private placement it undertook.
According to Jentayu's 2023 annual report, its largest shareholder is Datin Nurhaida Abu Sahid with 63.53 million shares or a 15.12% stake in the company, while her spouse and Jentayu executive chairman Datuk Beroz Nikmal Mirdin holds a direct 4.61% or 19.39 million shares in the company, together with an indirect stake of 15.12%.
Another substantial shareholder is Morgan Stanley, which has a 9.32% stake in the company after acquiring an additional 911,300 shares on Jan 15.
Earnings wise, Jentayu booked a net loss of RM7.15 million for the first quarter ended Sept 30, 2023 versus a net profit of RM11.12 million a year earlier when there was a gain on disposal of investment property of RM16.22 million. Revenue increased 24% to RM7.57 million from RM6.1 million.
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