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Widad, Tanco unaware of reasons for volatile trading | Scoop
Widad shares dipped 61.22% and Tanco shares dropped by 22.14% over the course of today’s trading. – Scoop pic, January 18, 2024
News

Widad, Tanco unaware of reasons for volatile trading

Bursa Malaysia had earlier issued two queries to Widad and Tanco on the decline in the share prices of both companies today

Bernama
Updated
8:11 PM MYT

 

KUALA LUMPUR – Widad Group Bhd, in a response to a Bursa Malaysia query, said it was not aware of any corporate development relating to the group’s business that has not been previously announced that may account for the activity, including those in the negotiation stage or discussion for several business proposals which were still under preliminary discussions.

“The board is not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity,” it said. 

In a separate Bursa filing, Tanco Holdings Bhd also responded that its board was not aware of any new corporate developments relating to the group’s business and affairs including its recent announcement on the approval-in-principle being received for the proposed development of a smart AI container port by Midports Holdings Sdn Bhd, a 79% owned subsidiary of Tanco.

“The board is not aware of any other possible explanation to account for the trading activity,” it added.

Bursa Malaysia had earlier issued two unusual market activity queries to Widad and Tanco on the sharp fall in the share prices of both companies today.

At the close, Widad shares dipped 61.22% or 30 sen to 19 sen from 49 sen at yesterday’s close, with 190.34 million shares traded.

Meanwhile, Tanco shares dropped by 22.14% or 14.5 sen to 51 sen from Wednesday’s close of 65.5 sen, with 66.59 million shares changing hands.

“Investors are advised to take note of the companies’ replies to the above UMA query which will be posted on Bursa Malaysia’s website under the company announcements,” the exchange said in the filing today.

Widad Group is an investment holding company which is principally involved in construction activities and integrated facilities management services, according to its official website.

Tanco is principally involved in property development and businesses related to tourism, leisure and entertainment. – January 18, 2024

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