KUALA LUMPUR (Nov 7): Bursa Malaysia Securities has issued a “Trading Reminder” on MMAG Holdings Bhd (KL:MMAG) after a sharp and prolonged decline in its share price.
MMAG shares have fallen for seven consecutive trading days, sliding another 10.53% on Friday to 8.5 sen — their lowest level since December 2023. Over the period, the counter has lost about 85% of its value.
In a filing, Bursa Malaysia said it “wishes to draw investors’ attention to the recent sharp fall in the price of MMAG and to the company’s response on Nov 3 to the Unusual Market Activity (UMA) query issued by Bursa Malaysia Securities”.
The exchange noted that MMAG, in its reply to the UMA query, had provided a “negative confirmation”, stating it was “not aware of any recent corporate development or explanation that could give rise to the unusual trading activities in its shares”.
“Notwithstanding the company’s negative confirmation, there is continued unusual activity and price movement on the said shares,” Bursa added. “In view of this, investors are reminded to consider and take into account all available information before making investment decisions when dealing in the securities of MMAG.”
The regulator also encouraged investors to explore resources on its website, highlighting that “insights and tools for investment consideration” are available, including its stock screener for valuation information, specifically https://my.bursamalaysia.com/market/tools/screener.
On Monday, just as MMAG shares hit limit-down, it announced that Chin Boon Long had resigned as executive director, eight months after his spouse Chan Swee Ying ceased to be a substantial shareholder.
Former politician Datuk Farhash Walfa Salvador is currently MMAG’s largest shareholder with a 19.9% stake, held through Velocity Capital Sdn Bhd, acquired in March. That same month, NexG Bhd (KL:NEXG) bought a 9.47% stake, while in July, Globetronics Technology Bhd (KL:GTRONIC) picked up about 24.8 million shares, or just over 1%.
Chan, who disposed of 175 million shares in March, retained 107.36 million shares, equivalent to a 4.62% stake at the time.
Despite unusually high trading volumes in recent days, no announcements have been made regarding changes in substantial shareholdings. In the last five trading days, 785.86 million shares have changed hands, representing about 34% of MMAG’s total share base of 2.321 billion.
Introduced since May last year, the Trading Reminder flag aims to alert investors to exercise caution when encountering a stock displaying persistent unusual price and/or volume movements after the listed company’s UMA response.