KUALA LUMPUR (Feb 6): Greentronics Technology Bhd (KL:GREENTEC) has been ordered by the exchange to explain Friday’s unusual market activity that wiped out 79% of its market capitalisation.
Bursa Malaysia has asked the construction company to confirm whether there were any unannounced corporate developments, negotiations, rumours, reports, or any other possible explanations that may have contributed to the sharp fall in its share price.
Greentronics is also required to declare its compliance with listing requirements, particularly regarding the timely disclosure of material information.
The query comes after Greentronics’ share price dropped as much as 19 sen to five sen, leaving the company with market value of only RM45 million. The stock recovered slightly and pared its losses to settle at 18.5 sen at the noon break after 8.87 million shares changed hands.
At the last price of 18.5 sen, Greentronics had a market capitalisation of RM166.22 million.
Now 31%-owned by Globetronics Technology Bhd (KL:GTRONIC), Greentronics was formerly known as Mpire Global Bhd and Sand Nisko Capital Bhd. The company is involved in construction and property development, as well as sale of fleet management solutions and financing services.
Last week, Greentronics announced that it had roped in Thai general insurance company Thai Paiboon Insurance Public Company Ltd to provide digital insurance services for Malaysian motorists entering Thailand.