KUALA LUMPUR (June 5): GIIB Holdings Bhd (KL:GIIB) said there have been no new corporate developments relating to its business and affairs, aside from a previously disclosed potential investment in a healthcare-related business announced in early May.
In response to Bursa Malaysia’s query, the rubber compounds manufacturer said the details and terms of the proposed investment have yet to be finalised. It added that it will make the necessary announcements should there be any material development.
Apart from this, GIIB said it is not aware of any specific rumour or report concerning the group’s business and affairs that could account for the recent trading activity. It also said there are no other possible explanations for the price movement and confirmed that it is in compliance with Bursa Malaysia Securities’ listing requirements on immediate disclosure obligations.
The clarification came after GIIB was hit with an unusual market activity (UMA) query on Thursday, when its shares closed at a more than five-year high of 47 sen, valuing the group at RM336.3 million. This marks the second UMA query for the company this year.
On Friday, the counter opened unchanged at 47 sen and rose to an intraday high of 47.5 sen before paring gains. At the time of writing, the stock was down 3.19% to 45.5 sen a share, giving it a market capitalisation of RM325.54 million.
Year to date, the counter has surged over 506.67%.
On May 21, Mega Fortris Global Pte Ltd emerged as a new substantial shareholder after subscribing to 65.04 million placement shares, representing a 9.09% stake in GIIB. Mega Fortris Global is also the largest shareholder of security seal specialist Mega Fortris Bhd (KL:MEGAFB), with a 65% stake.
In late April, the company’s external auditor, Baker Tilly Monteiro Heng PLT, issued a qualified opinion on GIIB’s financial statements for the financial year ended Dec 31, 2025, citing a material uncertainty related to its ability to continue as a going concern.
For the first quarter ended March 31, 2026, GIIB narrowed its net loss to RM3.56 million from RM4.64 million a year earlier, although revenue fell 59.3% to RM5.07 million from RM12.46 million due to lower sales.