KUALA LUMPUR: Shares of Karambunai Corp Bhd, which is controlled by casino owner Tan Sri Dr Chen Lip Keong, have been actively traded in the past two days.
The stock soared 41% to 20.5 sen — the highest closing since end-May — on Wednesday with 130 million shares changing hands. However, the stock retreated to 19 sen yesterday, down 1.5 sen or 7.7% on a trading volume of 140 million shares.
Despite the sharp jump on its share price, Bursa Malaysia did not query Karambunai on unusual market activity.
There have not been any recent corporate announcements. The group declined to comment when asked by The Edge Financial Daily. The latest filings with Bursa Malaysia also show no indication as to what might be driving investors’ interest on the stock.
In April this year, Karambunai announced the Karambunai Integrated Resort City (KIRC) project under the Economic Transformation Programme (ETP). The project, expected to generate a Gross National Income (GNI) contribution of RM9.319 billion, will create around 11,000 jobs by 2020.
The resort development project will be handled by a consortium consisting of Prism Crystal Enterprises Ltd and Karambunai’s major shareholder Chen and group of companies together with the landowners Karambunai and Petaling Tin Bhd.
The group has been loss-making for four financial years in a row.
For FY11 ended March 31, Karambunai incurred a net loss of RM372 million on revenue of RM125.3 million. This was a regression for the company as the year before, its losses amounted RM43 million with revenue of RM139.7 million. Its net assets per share was 34 sen as at June 30, 2011.
This article appeared in The Edge Financial Daily, November 4, 2011.
The stock soared 41% to 20.5 sen — the highest closing since end-May — on Wednesday with 130 million shares changing hands. However, the stock retreated to 19 sen yesterday, down 1.5 sen or 7.7% on a trading volume of 140 million shares.
Despite the sharp jump on its share price, Bursa Malaysia did not query Karambunai on unusual market activity.
There have not been any recent corporate announcements. The group declined to comment when asked by The Edge Financial Daily. The latest filings with Bursa Malaysia also show no indication as to what might be driving investors’ interest on the stock.
In April this year, Karambunai announced the Karambunai Integrated Resort City (KIRC) project under the Economic Transformation Programme (ETP). The project, expected to generate a Gross National Income (GNI) contribution of RM9.319 billion, will create around 11,000 jobs by 2020.
The resort development project will be handled by a consortium consisting of Prism Crystal Enterprises Ltd and Karambunai’s major shareholder Chen and group of companies together with the landowners Karambunai and Petaling Tin Bhd.
The group has been loss-making for four financial years in a row.
For FY11 ended March 31, Karambunai incurred a net loss of RM372 million on revenue of RM125.3 million. This was a regression for the company as the year before, its losses amounted RM43 million with revenue of RM139.7 million. Its net assets per share was 34 sen as at June 30, 2011.
This article appeared in The Edge Financial Daily, November 4, 2011.
