Friday 29 Mar 2024
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KUALA LUMPUR (Dec 7): Malaysian Genomics Resource Centre Bhd (MGRC), which was issued an unusual market activity (UMA) query on Monday (Dec 6), told Bursa Malaysia that it was not aware of any corporate development that could have caused the sharp fall in its share price. 

In a bourse filing on Tuesday, the group said that it was not aware of any corporate development, rumour, report or explanation that may have accounted for the trading activity. 

It also said the company is in compliance with Bursa Securities' Listing Requirements on immediate disclosure obligations.

The group’s share price hit limit down and dropped 50 sen or 30% to RM1.17 on Tuesday, giving it a market value of RM145.33 million. A total of 6.97 million shares had changed hands at the time of writing. 

It also emerged as one of the top losers on the local bourse on Tuesday. 

This was the second consecutive day its share price hit limit down.

On Monday, the stock hit limit down after falling 30% to close at RM1.67.

Bursa's query came weeks after MGRC was similarly issued an UMA query on Nov 8, following a sharp dip in its share price after its largest shareholder I Concept Global Growth Fund ceased to be a substantial shareholder a few days earlier. It previously held 8.69% interest in the company.

To the UMA query then, the company highlighted the appointment of two new independent and non-executive directors, as well as the acquisition of additional shares by its major shareholder Pixelvest Sdn Bhd. Pixelvest, which held 5.579% in the company then, had further increased its stake to 7.879% as of Dec 2.

MGRC provides genome sequencing and analysis, and genetic screening services. Founded in 2004, it recently diversified its business to include the business of biopharmaceutical and healthcare products and services.

Edited BySurin Murugiah
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