SINARAN Advance Group Bhd told Bursa Malaysia it has no explanation for the sharp 75% share price drop and surge in trading volume after receiving an unusual market activity (UMA) query on Tuesday.
The stock plunged to a record low of 2.5 sen before closing at 3 sen, marking its biggest single-day fall since listing 15 years ago, with trading volume hitting 32.04 million shares – the highest in over seven months.
Despite the sharp sell-off, the company, which has been loss-making since 2012 and diversified into construction in 2017, said it remains compliant with Bursa listing rules.
Major shareholders include Lambo Group (19.78%, with 12.93% held indirectly via Oriented Media), Lazarus Securities (16.68%), and Morgan Stanley (9.28%).
Notably, Lambo has been classified as a Guidance Note 3 (GN3) company since February 2023 due to audit issues. — TMR
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