KUALA LUMPUR (Nov 5): NexG Bhd (KL:NEXG) said it could not explain Tuesday’s (Nov 4) unusual steep decline that took its share price to a six-month low.

In a response to a query on the usual market activity, NexG said its board was unaware of any corporate developments, 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.

NexG also declared to Bursa Malaysia that the company remains in compliance with listing rules on immediate disclosure obligations. 

Shares of NexG, which supplies Malaysian passport booklets and identity cards, ended its rout on Wednesday. At the market close, the counter was up two sen or 7.14% at 30 sen, valuing the company at RM1.1 billion.

The counter has previously been on a two-day rout. It had then wiped out RM371 million from its market value. 

The stock was still among the most actively traded counters on Wednesday with more than 90.3 million shares changing hands, three times its 200-day moving average of 29.84 million shares.

NexG’s 32.61%-owned associate, NexG Bina Bhd (KL:NEXGBINA), also dropped on the back of a spike in trading activity on Wednesday.

Formerly known as Classita Holdings Bhd, NexG Bina saw its share price drop half a sen or 11.11% to four sen at the market close, valuing it at RM49.31 million.

The stock was the bourse’s most actively traded stock for the day with a trading volume of 306.5 million shares — more than 39 times its 200-day moving average. 

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NexG gets UMA query as shares skid to six-month low