KUALA LUMPUR (March 9): Elridge Energy Holdings Bhd (KL:ELRIDGE) said on Monday that the sharp decline in its share price over the past two trading sessions is not linked to any undisclosed corporate developments, while it remains "business remains as usual" for the biomass fuel producer. 

An internal review of its record of depositors suggests that part of the recent share price movement may be attributable to foreign fund outflows, said its chief executive officer Oliver Yeo.

“What is important for investors to understand is that there have been no changes to the company’s operational outlook, strategy or fundamentals. It remains business as usual for Elridge Energy,” he said in a statement.

Share price volatility can also be influenced by various market factors, including profit-taking following earlier gains, broader market sentiment and routine technical trading activities, Yeo said.

Shares in Elridge continued to slide on Monday, falling as much as 18% or 17 sen to 80 sen during intraday trading — their lowest level since Nov 10, 2025. The sharp decline prompted Bursa Malaysia to suspend intraday short selling (IDSS) for the stock for the remainder of the trading day.

The suspension applies for the rest of Monday’s session, with IDSS expected to resume on Tuesday (March 10) at 8.30am.

At the time of writing, the counter was trading at 89 sen, down eight sen or 8.25% from its previous close, after about 18 million shares changed hands. At that price, the group had a market capitalisation of roughly RM1.75 billion.

Elridge is 20%-owned by Mikro MSC Bhd (KL:MIKROMB), whose shares also came under selling pressure. Mikro MSC fell as much as 8.75% or 3.5 sen to 36.5 sen in intraday trading before recovering slightly. 

The stock was last traded at 37 sen, still down three sen or 7.5%, with more than five million shares done, giving the company a market value of about RM440 million.

In the statement, Yeo said the company continues to expand its renewable energy (RE) footprint in the region. 

It recently commissioned a biomass processing facility in Pahang, and is preparing to open another facility in Johor to expand its operational capacity and ride on the region's transition towards sustainable energy, said Yeo.

Regional opportunities in biomass supply and RE development "remains highly compelling", the CEO added.

Elridge was listed on the ACE Market of Bursa Malaysia in August 2024 and primarily manufactures and supplies biomass fuel products, particularly palm kernel shells (PKS) used by biomass power plants as a renewable energy source.

Elridge's other major shareholders include Kayavest Sdn Bhd with a 16.37% stake and Kenanga Islamic Absolute Return Fund with 12.08%, according to its latest annual report released on April 30, 2025. 

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