KUALA LUMPUR (Nov 5): All three companies linked to Datuk Ng Meng Kee saw the recovery of their share prices earlier in the week wiped out in late Thursday trade.
This follows last week's sharp decline, prompting Bursa Malaysia to query all three companies for unusual market activity.
At time of writing, Mega Fortris Bhd (KL:MEGAFB), of which Ng has a 67% stake and is chairman, saw its shares dive 68 sen or 26.7% to RM1.86, with more than 11.7 million shares traded. This values the company at RM1.58 billion.
This is the lowest the security seals manufacturer’s shares have fallen since mid-August.
For the second day in a row, Bursa Malaysia suspended intraday short selling in Mega Fortris for the remainder of the day. Short selling of the stock to resume on Friday.
This decline comes after a 35.65%, or RM1.23, drop last week, where the stock fell as low as RM2.22, wiping more than RM1 billion in market value.
The stock saw a brief recovery on Monday, gaining 29.73% to RM2.88, before seeing another sharp decline on Wednesday, down 11.5% to RM2.54.
Two other companies linked to Ng, GIIB Holdings Bhd (KL:GIIB) and Ni Hsin Group Bhd (KL:NIHSIN) also had similar drops.
GIIB shares dipped 1 sen or 24% to 31.5 sen after 33.6 million shares were exchanged, the lowest it has been since May 19, giving the company a market capitalisation of RM268.5 million.
Meanwhile, Ni Hsin’s stocks fell 0.6 sen or 25% to 19.5 sen with 33 million shares traded, its lowest since Aug 26. The firm is now valued at RM126 million. The stock had fallen to 26 sen last Friday before staging a two-day recovery to 34 sen on Monday, only to retreat again on Wednesday.
Ng has stakes of 15.823% in GIIB and 2.22% in Ni Hsin.
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