Lagenda Properties Berhad today broke the news that its senior executives were detained by the Anti-Corruption Commission (MACC).
As a result, it faced huge selling pressure on Bursa Malaysia. Less than half an hour after the market opened, the stock price plunged to the limit level, and intraday short selling (IDSS) was also suspended.
Lagenda Properties plummeted as soon as the market opened this morning. Before 9:30, it fell to the limit level of RM1.17 and remained until the close of the market. Compared with yesterday’s closing price of RM1.66, Lagenda Properties plunged 49 sen or 29.52% throughout the day, with a trading volume of 29.2685 million shares.
The company ranked third in the list of Malaysian stock decliners today.
As the stock price plummeted, Bursa Malaysia not only suspended Lagenda Properties’ intraday short selling activities, but also issued an unusual trading activity (UMA) query to the company.
As of the close of the market, Lagenda Properties has not responded to Bursa’s UMA query, but revealed to investment bank analysts that one of the company’s senior executives was detained by the Anti-Corruption Commission to assist in the investigation of a case of dividing Malay reserved land in Manjung District, Perak.
Lagenda Properties’ head of investment and investor relations, Jasrinderjit Singh Dhillon, emphasised in an analyst briefing that the company’s business as a property developer will continue to operate normally.
The true identity of the detained senior executive was not revealed; however, it was reported that Lagenda Properties’ executive director Andy Chua Seng Hooi would be taking over leadership for now.
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