Mega Fortris, GIIB and Ni Hsin rebound with double-digit share gains
The recovery came after sharp losses triggered unusual market activity queries from Bursa Malaysia.
Three stocks associated with businessman Datuk Ng Meng Kee posted double-digit percentage advances on Nov 2, reversing some of their earlier losses. Mega Fortris Bhd, GIIB Holdings Bhd and Ni Hsin Group Bhd had all drawn queries from Bursa Malaysia over their share-price declines.
At 3.30pm, a rise of 66 sen, or 29.73%, put Mega Fortris at RM2.88 and made it the exchange’s biggest gainer. The security seals manufacturer was valued at RM2.43 billion, with turnover reaching 17.67 million shares.
A 12.5 sen increase, equivalent to 34.72%, took GIIB to 48.5 sen and a market capitalisation of RM397 million. Trading in the rubber compound manufacturer reached 46.46 million shares, placing it second for activity and ninth among gainers.
Ni Hsin traded at 31.5 sen, up 5.5 sen or 21.15%, having earlier reached 32.5 sen. The cookware manufacturer’s market value was RM197 million. Its volume of 41.21 million shares ranked fourth on the exchange.
The preceding sell-off had reduced Mega Fortris by 35.65%, GIIB by 49.3% and Ni Hsin by 48%. More than RM1 billion in market value was lost at Mega Fortris as its price dropped to RM2.22 from RM3.45.
Ng holds almost 67% of Mega Fortris, where he serves as non-independent non-executive chairman. He also owns about 15.823% of GIIB and 2.22% of Ni Hsin.
In its response to Bursa Malaysia, Ni Hsin identified a possible link between the trading and its resale of five million treasury shares on Oct 26 for RM2.38 million. It said, however, that it could not conclusively establish a connection.
GIIB said it knew of neither corporate developments nor rumours that might account for the unusual activity.
