KUALA LUMPUR (June 11): Bursa Malaysia Securities Bhd has frozen the lower limit price of Tanco Holdings Bhd (KL:TANCO) at 20 sen — its closing price on Thursday — for trading on Friday (June 12) after the counter hit its static limit-down price for two consecutive trading days.
This means Tanco's lower trading limit will remain at 20 sen on Friday instead of being reset lower under the normal price limit mechanism.
In a notice on Thursday, the exchange said the lower limit price of Tanco will be maintained at 20 sen in accordance with Chapter 8.13(5) of the Rules of Bursa Malaysia Securities and Chapter 4, specifically section 4.3, of the Trading Manual.
Under these rules, when a counter hits its lower limit price on a market day and repeats the same on the following market day, the exchange may lock the lower limit at that level rather than allowing it to reset lower.
At market close on Thursday, Tanco’s shares plunged by 30 sen or 60% to 20 sen amid its fourth consecutive limit-down.
Shares of Tanco Holdings Berhad had surged more than 600% since 2024, pushing its market value above RM10 billion at its peak on June 3. However, its market capitalisation has since fallen sharply to about RM1.22 billion based on the latest share price.
Tanco has been under selling pressure following a series of corporate developments this week, including the off-market share purchases and sale of blocks of shares by its group managing director Datuk Seri Andrew Tan Jun Suan. His younger brother Edwin Tan Kium Suan was also seen buying shares the day after Tanco’s first limit-down.
It also signed a memorandum of understanding for the exploration of a new data centre in Port Dickson with Hong Kong’s China Mobile International Ltd.
Jun Suan has yet to respond to The Edge’s request for comment at press time on Thursday. The Edge had also reached out to him on Wednesday.
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