KUALA LUMPUR (March 14): Bursa Malaysia said intraday short selling (IDSS) activities for Comintel Corp Bhd will be allowed to resume at 8.30am on Friday.

IDSS for Comintel were earlier suspended after the counter dropped more than the 15% or 15 sen threshold. The company, which is about to change its name to Binastra Corp Bhd, fell as much as 18% to an intraday low of RM1.45 as market resumed trading in the afternoon of Thursday. 

The stock has since rebounded above the RM1.70 level.

Comintel will be renamed Binastra on Friday to reflect the branding under its major shareholder Datuk Jackson Tan’s construction projects prior to his entry as a shareholder in December 2022 and as Comintel managing director in January 2023.

The group is undertaking a rights issue followed by a private placement to raise about RM90 million for the acquisition of construction equipment and working capital purposes.

The proposed one-for-10 rights issue of 45.25 million shares at 80 sen apiece could raise around RM36.2 million.

Further, Comintel is also proposing the private placement of 45.25 million shares, representing 9.09% of the enlarged share base post-rights issue, to raise another RM53.85 million based on an illustrative placement price of RM1.19 per share.

Shares of Comintel closed seven sen or 4% at RM1.70 on Thursday, giving it a market capitalisation of RM769.25 million.