KUALA LUMPUR (June 17): Office furniture maker Euro Holdings Bhd has terminated its proposed four-for-one bonus issue, citing "the recent market volatility in the share price performance".

The group's shares hit limit down for two straight days on Tuesday and yesterday.

In a bourse filing today, the group said it may consider other corporate exercises to enhance stakeholders' value and will make the necessary announcements in due course.

Euro Holdings proposed the four-for-one bonus issue of up to 3.21 billion shares on May 24, less than six months after it announced a two-for-one bonus issue of up to 534.6 million shares.

The group's share price sank 29.65% or 51 sen to RM1.21 yesterday, after plunging 29.8% or 73 sen to RM1.72 on Tuesday.

Euro Holdings yesterday said it was not aware of any reason or development for the sharp fall in its share price.

Following the sell-off, Bursa Malaysia Securities froze the lower limit share price for the group at RM1.21.