Friday 29 Mar 2024
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KUALA LUMPUR (April 11): Tanco Holdings Bhd was slapped with an unusual market activity (UMA) query by Bursa Malaysia on a sharp rise in its share price and volume on Monday (April 11). 

The stock opened at 50 sen before rising to a record high of 63 sen.

At the 12.30pm break, the counter settled at 60.5 sen, still higher by 12.5 sen or 26.04%. At that price, the group had a market capitalisation of RM1.05 billion. 

It saw some 64.6 million shares traded in the morning session, exceeding its 200-day average volume of 21.13 million. 

Tanco is an investment holding company. The company, through its subsidiaries, operates in property development and investment, hotel, vacation ownership interval and schemes, golf club, marina club, travel and tour agent, and resort operations. It also provides construction and moneylending services.

In a bourse filing, Bursa requested that the company disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, that might account for the UMA.

The regulator also asked whether the group is in compliance with the Bursa Securities Listing Requirements, in particular Paragraph 9.03, on immediate disclosure obligations.

For the six months ended Dec 31, 2021 (6MFY22), Tanco’s net loss increased to RM5.31 million from RM4.41 million for 6MFY21 mainly due to higher finance costs. 

Meanwhile, 6MFY22 revenue rose to RM1.71 million from RM1.33 million a year earlier, contributed by the construction segment. 

“The group is now much better equipped to formulate, identify, structure and/or seize opportunities in these Covid-19 times, and we will continue to innovate and evolve our businesses while constantly reviewing market conditions, seek interested and strategic collaborations with prospective partners, investors and operators to explore fresh and innovative business models, and will further build-up and expand our construction and health supplement sectors to further strengthen our earnings to adapt to the new normal,” said Tanco. 

Edited BySurin Murugiah
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