KUALA LUMPUR (March 11): Silver Ridge Holdings Bhd (KL:SRIDGE) said on Tuesday that it is not aware of any corporate development that would have caused the unusual market activity (UMA) in its shares.
The telecommunication services provider, which was responding to a query by Bursa Malaysia following a sharp fall in its share price, added that it is also not aware of any rumour or report concerning the business and affairs of the group that may account for the UMA.
"There is no corporate development relating to the business and affairs of the company and its subsidiaries that has not been previously announced that may account for the trading activity including those in the stage of negotiation/discussion," Silver Ridge said in a filing.
This marks its second UMA query received by the company from Bursa Malaysia since last January.
Silver Ridge was among the local bourse’s top losers after it fell 18 sen or 38.7% to an intraday low of 28.5 sen, giving it a market capitalisation of RM77 million.
The stock closed the day down 17 sen or 36.56% at 29.5 sen, valuing the group at RM80 million.
Some 26.75 million shares changed hands, making the company one of the top 10 actively traded stocks on Bursa Malaysia.
Compared to the closing price of 54.5 sen at end-February, the stock has slumped 55.55% or 25 sen.
Prior to the heavy sell-off, Silver Ridge shares had fluctuated between 40 sen and 64 sen from October last year until recently.
For its second financial quarter ended Dec 31, 2024 (2QFY2025), Silver Ridge posted a net profit of RM1.08 million compared with a net loss of RM32,000 a year ago, as revenue inched up 0.3% to RM11.06 million from RM11.03 million previously, attributed to newly secured contracts especially in the telecommunications and information technology solutions and construction segments.
The stronger quarterly results also boosted its net profit to RM2.38 million for the first half of FY2025, versus a net loss of RM102,000 in the previous corresponding period. Six-month revenue, however, fell 24.81% to RM21.03 million, from RM27.97 million.
Silver Ridge's substantial shareholders are Datuk Mohd Suhaimi Abdullah (11.23%), Datuk Khoo Yik Chou (6.12%) and Sapphire Pavillion Ltd (5.53%), its 2024 annual report showed.