Intraday short-selling suspended for SCIB, Jentayu and Tanco

KUALA LUMPUR: Intraday short-selling (IDSS) has been suspended for Sarawak Consolidated Industries Bhd (SCIB), Jentayu Sustainables Bhd and Tanco Holdings Bhd following another day of sharp selling in their share price.

Bursa Malaysia said in a notice it has suspended intraday short-selling activities in the stocks for the remainder of the day as the last done price of the securities dropped more than 15% or 15 sen from their respective reference price.

As at 9.20am, SCIB had hit limit down after losing 28 sen to 25.5 sen a share.

Frenzied selling of the stock pushed SCIB to the top of the actives list with 388.21 million shares exchanging hands.

Since the price rout began on Jan 16, the share has lost 77% of its market value, which erases the bulk of the gains made during its recovery rally that began in May 2023.

Jentayu Sustainables also reached its bottom limit after shaving 30 sen to 50 sen a share while Tanco was down 16 sen to 35 sen a share.

Jentayu has lost 61.5% since Jan 16 while Tanco has dropped 46.5% of its value over two days.

In response to a query from Bursa Malaysia regarding the unusual market activity (UMA), Tanco said yesterday it is unaware any new corporate developments that might account for the sharp fall in share price.

However, it said the company recently announced it had received approval-in-principle for the proposed development of a Smart AI Container Port by Midports Holdings Sdn Bhd, a 79% owned subsidiary of the company.

Jentayu said in a Jan 17 response to the stock exchange it was unaware of any explanation for the UMA.

SCIB, meanwhile, responded on Jan 17 to the regulator's query over whether there were any previously unannounced corporate developments that it had received a letter of offer from the Land and Survey department of Sarawak to acquire some parcels of land measuring about 22 acres for the purpose of expanding the production capacity of the group.

"The management is in the midst of discussion and considering on the acceptance of this proposal," it said.