Inix falls 13% after new chairman resigned five days into the job

Inix falls 13% after new chairman resigned five days into the job
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KUALA LUMPUR (Dec 8): Inix Technologies Holdings Bhd was one of the most actively traded stocks on the local bourse this morning on news that Tan Sri Mohamad Fuzi Harun, its new independent and non-executive chairman, had resigned just five days into the job.

Mohamad Fuzi succeeded Macau tycoon Wan Kuok Koi, who resigned as Inix's chairman last Wednesday. Wan was appointed the group's chairman back in August.

As of 9.36am, the counter was the fourth most actively traded counter on the local bourse, with a trading volume of 78.27 million shares, above its 200-day average trading volume of 25.35 million shares.

Shares in the company, which has ventured into glove manufacturing and durian product manufacturing, were down by 13% or 6.5 sen at 43.5 sen, valuing the stock at over RM200 million as at the time of writing. 

The counter has been volatile this year. In August, it saw its share price more than quadrupled from 20 sen on Aug 6 — a day before Wan’s entry — to a peak of 81.5 sen on Aug 11. However, six days later, it fell to 31 sen.

So far today, the stock was in active trade following news of Mohamad Fuzi, a former inspector-general of police (IGP), resigning from the helm of the group’s board, citing the need to spend more time on personal interests and ongoing businesses. His successor is former YLI Holdings Bhd chairman Tan Sri Syed Mohd Yusof Tun Syed Nasir.

Joyce Goh