KUALA LUMPUR (Feb 25): Globaltec Formation Bhd (KL:GLOTEC) has been told to explain unusual market activity on Wednesday that sent the stock to its daily lower limit.

Shares of Globaltec opened two sen or 2% lower at 98 sen and hovered above the 90-sen level through most of the morning session. The stock then tumbled as much as 30 sen or 30% to limit down at 70 sen on the back of a spike in volume just before the noon trading break. Globaltec ended the day at 81 sen after nearly eight million shares changed hands. 

Bursa Malaysia has asked that the company clarify whether there are any undisclosed corporate developments, rumours, or reports concerning the business and affairs that may have contributed to the trading activity.

Globaltec is mainly involved in automotive components design and manufacturing, precision machining, stamping and tooling and semiconductor divisions, oil palm plantation and coal mining, and oil and gas exploration and production and services.  

Financially, Globaltec posted a net profit of RM1.67 million in the second quarter ended Dec 31, 2025 (2QFY2026), down from RM2.28 million a year ago, due to weaker performance of its mainstay business as well as that of the automotive division.

Revenue for the quarter was down 14.11% year-on-year to RM38.7 million.

Globaltec has trailing 12-month earnings before interest tax depreciation and amortisation margins of 13.8% and a return on equity of 3.1%, AskEdge data showed.