Seacera says major shareholders forced to sell by banks, brokers

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KUALA LUMPUR (Oct 29): Three of Seacera Group Bhd's major shareholders had been forced to hive off their stakes, the tilemaker said in a response to an unusual market activity (UMA) query today.

"After having made the due inquiries, [Seacera's board] wishes to inform that the sharp fall in price of the company was because Datuk Seri Mansor Masikon, Zulkarnin Ariffin and Datuk Ismail Osman have been forced to sell down their stakes in the company on the market by the banks or stock broking firms," it said in a bourse filing today.

Mansor is the group's non-executive chairman, while Zulkarnin is its managing director.

Trading of Secera shares was suspended between 3.09pm and 4.03pm today ahead of the announcement.

In the filing, the group said it was not aware of any other unannounced corporate development, rumour or report concerning its business and affairs that may account for the spike in trading activity.

The group also said it was not aware of any other possible explanation and that it is in compliance with Bursa Securities' Listing Regulations on immediate disclosure.

Seacera had been issued the UMA query after its stock plunged 48% over the last two trading days, from its closing of 30 sen on Oct 24 to 15.5 sen on Oct 26 — its lowest since February 2009.

The stock has since rebounded 2.5 sen or 16.13% to 18 sen in trade today.