KUALA LUMPUR (Nov 2): Shares of three companies linked to businessman Datuk Ng Meng Kee — Mega Fortris Bhd (KL:MEGAFB), GIIB Holdings Bhd (KL:GIIB) and Ni Hsin Group Bhd (KL:NIHSIN) — rebounded sharply on Monday after suffering steep losses last week, with all three counters recording double-digit percentage gains.
Mega Fortris was Bursa Malaysia's top gainer as at 3.30pm, surging 66 sen or 29.73% to RM2.88, compared with its closing price of RM2.22 last Friday. At RM2.88, Mega Fortris had a market capitalisation of RM2.43 billion.
The security seals manufacturer was also among the 15 most actively traded counters, with 17.67 million shares changing hands.
GIIB Holdings, meanwhile, climbed 12.5 sen or 34.72% to 48.5 sen, lifting the company’s market capitalisation to RM397 million.
The rubber compound manufacturer was the ninth top gainer and the second most actively traded stock on Bursa Malaysia, with 46.46 million shares traded so far.
Ni Hsin gained 5.5 sen or 21.15% to 31.5 sen, after touching an intraday high of 32.5 sen. At 31.5 sen, the stock is valued at RM197 million. It was the fourth most actively traded counter, with 41.21 million shares changing hands.
Ng is the non-independent non-executive chairman of Mega Fortris, in which he holds an almost 67% stake. He also holds about 15.823% of GIIB and a 2.22% stake in Ni Hsin.
Mega Fortris fell 35.65% or RM1.23 over Thursday and Friday, from RM3.45 to RM2.22, wiping out more than RM1 billion in market value.
GIIB plunged 49.3% or 35 sen, from 71 sen to 36 sen, while Ni Hsin tumbled 48% or 24 sen, from 50 sen to 26 sen.
Prior to the plunge, GIIB had rallied from 11 sen in late April to 74 sen on Oct 26, Ni Hsin had shot up from seven sen on Aug 10 to 50 sen on Oct 28 and Mega Fortis had soared from 76.5 sen in March to RM3.45 on Oct 27.
The selling pressure last week in these three companies prompted Bursa Malaysia to issue them with unusual market activity queries, seeking explanations for the sharp drop in their share prices.
Mega Fortris disclosed that its non-independent non-executive chairman Ng and substantial shareholder Mega Fortris Global Pte Ltd had obtained a Kuala Lumpur High Court order against Affin Hwang Nominees Tempatan Sdn Bhd, seeking documents relating to transactions involving 17.74 million of its shares between March 25 and 31, 2026.
The documents sought include details of Affin Hwang Nominees' relationship with Safari Asia Ltd and records of transactions involving Mega Fortris shares held in custody for the latter.
However, the company said it could not ascertain whether the court proceedings were connected to the recent share price decline.
Ni Hsin, meanwhile, said the resale of five million treasury shares for RM2.38 million last Monday (Oct 26) may have contributed to the heavy trading volume and decline in its share price. However, it could not conclusively determine that the transaction had contributed to the recent trading activity.
The cookware manufacturer had also previously announced a proposed diversification into the electric vehicle business and a proposed bonus issue of up to 312.65 million free warrants.
GIIB said it was unaware of any corporate developments or rumours that could have triggered the unusual market activity. Separately, Ng acquired 6.48 million shares in the company on Oct 29, raising his shareholding from 15.038% to 15.823%.
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