KUALA LUMPUR (June 29): Silver Ridge Holdings Bhd (KL:SRIDGE) shares fell almost 46% to a nearly four-year low of 10 sen on Monday after the company announced the resignation of three board members representing two of its largest shareholders.
Bursa Malaysia issued an unusual market activity (UMA) query in the morning after the stock fell to 13.5 sen from Friday’s 18.5 sen a share.
In response, Silver Ridge said it was not aware of any undisclosed corporate developments, rumours, reports or other reasons that could explain the sharp fall in its share price, apart from the resignation of three executive directors announced on June 26, 2026.
The company also said it remains in compliance with Bursa Malaysia's listing requirements, including its immediate disclosure obligations.
The stock, which opened at 18 sen, extended its losses after the company's response to the UMA query, falling 45.94% to 10 sen after trading resumed following the noon break before closing slightly higher at 11 sen. The 40.54% decline in share price values the company at RM45.1 million. Some 74.37 million shares changed hands, making it the second most actively traded stock on the exchange. Year to date, the stock has lost more than two-thirds of its value.
Last Friday, Silver Ridge announced the resignations of group managing director Datuk Khoo Yik Chou, deputy managing director Syauqat Mohd Suhaimi and executive director Syakur Mohd Suhaimi as part of the telecommunications infrastructure installer's succession planning and leadership transition.
The company has yet to announce their replacements.
In separate filings, all three directors said they had no disagreement with the board and no matters that needed to be brought to shareholders' attention.
Khoo, 39, is Silver Ridge's largest shareholder with a 17.223% direct and 2.158% indirect stake. Syauqat, 33, and Syakur, 39, are deemed substantial shareholders thanks to their father Datuk Mohd Suhaimi Abdullah’s 6.919% direct stake in the company. Mohd Suhaimi has been a member of Parliament for Langkawi since November 2022.
Khoo has served as group managing director since April 2024 and joined the board as a non-independent non-executive director in December 2020.
Syakur has been a board member since March 2011, while Syauqat, who became deputy group managing director in April 2024, previously served as group managing director from January 2023.