Scan Associates falls 10% after losing court application against Bursa

-A +A

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.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations. Go to www.theedgemarkets.com for details on a company’s financial dashboard.)