KUALA LUMPUR (May 30): Shares in Epicon Bhd (KL:EPICON), formerly known as Konsortium Transnasional Bhd, surged on Thursday and reversed its sharp decline, following a shareholder involvement in an MACC probe.
Epicon’s share rose by as much as 15.87% to 36.5 sen, marking its largest single-day gain since Dec 28, 2020. At 11:50am, the stock was trading at 34.5 sen, still up by 9.52% or three sen after 68.77 million shares changed hands.
At 34.5 sen, Epicon had a market capitalisation of RM211.1 million. Shares of the public bus transportation operator has slipped 24.47% since the beginning of this year.
Notably, there is currently no institutional analyst covering Epicon. At its current share price, the counter is trading at a historical price-to-earnings ratio of 2.52 times.
On Wednesday (May 29), Epicon witnessed a sharp decline in its share price, plummeting by as much as 38.75% to 24.5 sen, thus prompting Bursa Malaysia to issue an unusual market activity (UMA) query.
In response, Epicon said it had been notified by its major shareholder about a member’s involvement in a Malaysia Anti-Corruption Commission (MACC) probe on a personal capacity.
Epicon’s largest shareholder is Doh Properties Sdn Bhd, holding an 11.26% stake, as per the group’s annual report.
Key stakeholders include Datuk Doh Jee Ming and Datuk Doh Tee Leong, each owning a 45% stake in Doh Properties. Additionally, Datuk Doh Neng Chiong and Datin Lee Hong King hold 5% stakes, according to Companies Commission Malaysia data. Tee Leong also directly owns a 1.72% stake in Epicon.
Jee Ming, the managing director at Lagenda Properties Bhd (KL:LAGENDA), controls over 50% of the real estate developer, alongside Tee Leong through their private vehicle Lagenda Land Sdn Bhd.
Earlier this week, Lagenda disclosed that one of its senior personnel was detained by the MACC in relation to an investigation into the alleged subdivision of 650 hectares of Malay reserve land into non-Malay land in Manjung, Sitiawan, Perak.
Bursa Malaysia disclosures reveal that Lagenda Land offloaded an 11.35% stake (equivalent to 95 million shares) in Lagenda at RM1.40 apiece, or RM133 million, in February this year. As a result of this transaction, the vehicle’s stake in Lagenda fell to 51.59%.
Notably, Bursa Malaysia has suspended intraday short selling (IDSS) for Lagenda Properties on Thursday after the stock hit the limit down, having fallen as much as 27% or 31.5 sen to 85.5 sen, its lowest since November 2020.
Lagenda’s IDSS will only be reactivated on May 31 (Friday) at 8:30am, according to the local bourse.
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