KUALA LUMPUR (Feb 6): Greentronics Technology Bhd (KL:GREENTEC) said it is not aware of any reason for the plunge in its share price on Friday that had one stage wiped out 79% of its market capitalisation
Replying to an unusual market activity query from Bursa Malaysia, Greentronics said it does not know of any corporate development, or rumour or report concerning the business and affairs of the company, that may account for the trading activity.
The company is in compliance with the exchange's listing requirements on immediate disclosure obligations, it added.
Greentronics’ share price dropped as much as 19 sen to five sen on Friday morning, leaving the company with a market value of only RM45 million.
The stock pared its losses later to close 5.5 sen, or 22.92%, lower at 18.5 sen for a market capitalisation of RM166.22 million. A total of 9.92 million shares changed hands during the day.
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.