KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Securities) has cautioned investors over the unusual activity of Naim Indah Corp Bhd shares.
It advised investors to be cautious over the recent sharp rise and volume of the counter, notwithstanding Naim Indah’s response to the unusual market activity query issued by Bursa on Feb 3.
“...Bursa Securities would like to advise investors to exercise caution and to make informed decisions in the trading of Naim Indah Corp shares,” the local bourse said in a statement yesterday.
Naim Indah emerged at the top of the most active list yesterday after putting on some 37%, or 18 sen, to close at 67 sen with over 342 million shares done, which is half its share base of over 700 million. It was also in the top 10 gainers’ list for the day.
Year to date, the counter has gained some 1,016%. The counter on Wednesday hit limit up, rising from 30 sen to 48 sen on heavy trading volume.
The company recently announced six new shareholders, including Harvest Court Industries Bhd’s Datuk Raymond Chan Boon Siew. Chan, who is the managing director of Sagajuta (Sabah) Sdn Bhd, holds the largest stake of 12.11% or 85 million shares.
Other shareholders include Ng Kian Huat with a 3.99% stake, Woo Sew Kew (2.56%), Leow Siew Kuan (2.28%), Khrishna Bhatt (0.98%) and Chong Kok Loong (0.88%).
The six shareholders bought up a 22.8% stake in Naim Indah from Crest Synergy Sdn Bhd.
Chan was thrusted into the limelight after he bought into Harvest Court late last year.
Since Chan’s entry, the value of his stake in Harvest has risen more than 16-fold as investors anticipate he may inject Sagajuta’s assets into Harvest Court.
Harvest Court shares and warrants were just uplifted from designated status by Bursa Malaysia Securities in January. This came almost two months after Bursa Malaysia designated Harvest Court’s stock due to “excessive speculation”.
Chan’s entry into Harvest follows the abortion of earlier plans to inject Sagajuta into Jerneh Asia Bhd.
Mohd Nazifuddin Najib, the son of Prime Minister Datuk Seri Najib Razak, also made a brief appearance on the board of Harvest Court where he joined as a director on Oct 28 but resigned from that post in November barely a month after. Nazifuddin is chairman of Sagajuta, best known as the developer of the 1Borneo mall in Kota Kinabalu, Sabah. Sagajuta has several ongoing projects including 1Sulaman and 1Likas in Kota Kinabalu, and 1Gateway in Klang.
On Oct 27, Harvest Court was awarded a contract from Sagajuta for the supply of door leaves for some RM7.03 million.
Harvest Court, which was lifted from its PN17 status in December 2009, posted a net loss of RM2.82 million in the year ended Dec 31, 2010 from a net profit of RM12.16 million previously.
This article appeared in The Edge Financial Daily, February 10, 2012.
It advised investors to be cautious over the recent sharp rise and volume of the counter, notwithstanding Naim Indah’s response to the unusual market activity query issued by Bursa on Feb 3.
“...Bursa Securities would like to advise investors to exercise caution and to make informed decisions in the trading of Naim Indah Corp shares,” the local bourse said in a statement yesterday.
Naim Indah emerged at the top of the most active list yesterday after putting on some 37%, or 18 sen, to close at 67 sen with over 342 million shares done, which is half its share base of over 700 million. It was also in the top 10 gainers’ list for the day.
Year to date, the counter has gained some 1,016%. The counter on Wednesday hit limit up, rising from 30 sen to 48 sen on heavy trading volume.
The company recently announced six new shareholders, including Harvest Court Industries Bhd’s Datuk Raymond Chan Boon Siew. Chan, who is the managing director of Sagajuta (Sabah) Sdn Bhd, holds the largest stake of 12.11% or 85 million shares.
Sagajuta's 1Borneo mall in Kota Kinabalu, Sabah. Sagajuta's Chan recently emerged as a major shareholder in Naim Indah after snapping up a 12.11% stake.
Other shareholders include Ng Kian Huat with a 3.99% stake, Woo Sew Kew (2.56%), Leow Siew Kuan (2.28%), Khrishna Bhatt (0.98%) and Chong Kok Loong (0.88%).
The six shareholders bought up a 22.8% stake in Naim Indah from Crest Synergy Sdn Bhd.
Chan was thrusted into the limelight after he bought into Harvest Court late last year.
Since Chan’s entry, the value of his stake in Harvest has risen more than 16-fold as investors anticipate he may inject Sagajuta’s assets into Harvest Court.
Harvest Court shares and warrants were just uplifted from designated status by Bursa Malaysia Securities in January. This came almost two months after Bursa Malaysia designated Harvest Court’s stock due to “excessive speculation”.
Chan’s entry into Harvest follows the abortion of earlier plans to inject Sagajuta into Jerneh Asia Bhd.
Mohd Nazifuddin Najib, the son of Prime Minister Datuk Seri Najib Razak, also made a brief appearance on the board of Harvest Court where he joined as a director on Oct 28 but resigned from that post in November barely a month after. Nazifuddin is chairman of Sagajuta, best known as the developer of the 1Borneo mall in Kota Kinabalu, Sabah. Sagajuta has several ongoing projects including 1Sulaman and 1Likas in Kota Kinabalu, and 1Gateway in Klang.
On Oct 27, Harvest Court was awarded a contract from Sagajuta for the supply of door leaves for some RM7.03 million.
Harvest Court, which was lifted from its PN17 status in December 2009, posted a net loss of RM2.82 million in the year ended Dec 31, 2010 from a net profit of RM12.16 million previously.
This article appeared in The Edge Financial Daily, February 10, 2012.
