Scan Associates falls 10% after losing court application against Bursa


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KUALA LUMPUR (May 19): Shares of information technology security solutions provider Scan Associates Bhd fell 10% this morning after Bursa Malaysia Securities Bhd yesterday said Scan was now classified as a Guidance Note 3 (GN3) company, following the High Court’s dismissal of the latter’s application to halt the classification today.

 At 9.20am, Scan fell half a sen to 4.5 sen with 1.94 million shares done.

Scan Associates (fundamental: 0; valuation: 0.3) is the fourth company to be admitted to Bursa Malaysia’s GN3 list, after AsiaEP Resources Bhd, Cybertowers Bhd and R&A Telecommunication Group Bhd.

“The High Court today has dismissed the company's application for further injunction. As such, Bursa Malaysia today classifies Scan Associates as a GN3 company with effect from May 18, 2015, in accordance with the ACE-market listing requirements,” the stock exchange regulator said in a filing yesterday.

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