KUALA LUMPUR (Nov 4): Engineering firm PJBumi Bhd (KL:PJBUMI) said on Tuesday that it is not aware of any undisclosed corporate developments that may have triggered the sharp fall in its share price.
The company’s share price plunged 36% over the past two days, tumbling nearly 30% on Tuesday alone to close at RM1.77, marking its steepest single-day decline in more than two years.
Replying to an unusual market activity (UMA) query from Bursa Malaysia, PJBumi said its board is unaware of any rumours or reports concerning the group’s business and affairs that may account for the unusual activity and could not identify any other possible explanation for it.
The counter was the top loser on Bura Malaysia on Tuesday. At its last traded price, the company's market capitalisation stood at RM145.14 million.
Despite the selloff, PJBumi’s share price is still higher by more than 100% year to date, buoyed by a series of contract wins, several of which are based in Indonesia.
On Oct 27, the group announced that its 90%-owned subsidiary, PT Indodrill Bumi Perkasa, had entered into an oil and gas well maintenance arrangement with an Indonesian operator, KSO PT Pertamina-PT Petro Papua Mogoi Wasian — a joint operation between PT Pertamina EP and PT Petro Papua Mogoi Wasian.
Prior to that, the group had secured several engineering-related contracts for projects in Indonesia.