KUALA LUMPUR (Oct 30): GIIB Holdings Bhd (KL:GIIB) told Bursa Malaysia it is unaware of any corporate developments that could have caused the sharp fall in its share price on Thursday, prompting the market regulator to query the group for unusual market activity (UMA).
The UMA was issued after the counter’s share price fell 23.9% or 17 sen to settle at 54 sen from 71 sen the previous trading day.
Selling pressure continued on Friday, with the counter hitting an intraday low of 24 sen during the morning session before recovering to 35.5 sen at the midday break – its lowest level since May this year. At 35.5 sen, it was down 18.5 sen or 34.26% from Thursday's closing price of 54 sen and half of Wednesday's 71 sen.
The two-day sell-off wiped out RM293.3 million in GIIB's market capitalisation. At 35.5 sen, the group had a market capitalisation of RM293 million.
Despite the recent sell-off, the stock's price is still about four times higher than the eight sen it started the year with.
GIIB was the third most actively traded stock on Bursa Malaysia, with 80.9 million shares changing hands, and the seventh-largest loser of the day.
In its response to Bursa Malaysia, GIIB said it had made due enquiries with its directors, major shareholders and other relevant persons, but found no corporate development relating to its business and affairs that had not been previously announced.
GIIB also said its board was not aware of any rumours or reports concerning the group's business and affairs that could account for the trading activity.
GIIB confirmed that it complied with Bursa Malaysia's listing requirements on immediate disclosure obligations.
This is GIIB's third UMA query this year, after similar Bursa notices in May and June.
It is one of two companies linked to businessman Datuk Ng Meng Kee that saw a sharp drop in its share price on Thursday.