KUALA LUMPUR (May 18): Country Heights Holdings Bhd (CHHB) informed Bursa Malaysia on Wednesday (May 18) that it was not aware of any corporate development that would have caused the sharp fall in its share price.
The group also stressed that it is in compliance with the Bursa Securities Listing Requirements on immediate disclosure obligations.
CHHB had opened one sen higher at RM1.20 but thereafter inexplicably nosedived on heavy trading volume to 83.5 sen — dropping 35.5 sen or 30% — hitting limit down and triggering an unusual market activity (UMA) query by Bursa Malaysia.
The company is valued at RM247.99 million based on the stock price of 83.5 sen.
In late April this year, the group said it intended to invest about RM250 million in capital expenditure (capex) for the next five years following its partnership with Beijing Wodong Tianjun Information Technology Co Ltd (JD.com) to develop an omnichannel business model in Malaysia.
CHHB managing director Datuk Jared Lim said the group had allocated RM50 million funding for the initial expenditure of the first flagship physical store spanning 150,000 sq ft of retail space on the ground floor of the Mines International Exhibition and Convention Centre (MIECC).