Mega Fortris drops 11.5%, with GIIB and Ni Hsin also lower
Bursa Malaysia halted intraday short selling in Mega Fortris for the remaining session as the security seals maker’s shares retreated.
Selling in Mega Fortris Bhd pushed its shares to RM2.54 at the Nov 4 close, a loss of 33 sen or 11.5%. GIIB Holdings Bhd and Ni Hsin Group Bhd, which share links to chairman Datuk Ng Meng Kee, also recorded declines.
Mega Fortris recovered from a session low of RM2.07, while turnover totalled 12.3 million shares. Its closing market value was RM2.146 billion. Following the fall, Bursa Malaysia stopped intraday short selling in the counter for the remaining session.
GIIB ended at 41.5 sen, down 16.16%, having touched 39.5 sen during trading. Turnover was about 35.7 million shares and its market capitalisation was RM342.9 million. Ni Hsin finished at 26 sen after losing 20%, close to its session low of 25 sen.
Ng’s holdings comprise almost 67% in Mega Fortris, approximately 15.823% in GIIB and 2.22% in Ni Hsin. Earlier share-price falls across the companies had triggered unusual market activity queries from Bursa Malaysia.
In answering the query, Mega Fortris said a Kuala Lumpur High Court order had been obtained by Ng and substantial shareholder Mega Fortris Global Pte Ltd against broker Affin Hwang Nominees Tempatan Sdn Bhd. Ng is the company’s non-independent non-executive chairman.
The order sought documents concerning transactions by Safari Asia Ltd involving 17.74 million Mega Fortris shares between March 25 and 31, 2026.
Ni Hsin pointed to its Oct 26 treasury share resale as a possible contributor to increased turnover and the price fall. The transaction involved five million shares and RM2.38 million. GIIB said it knew of no developments or rumours explaining the unusual trading.
