Asia Media Group in the dark on sharp fall in share price

Moody's outlook on the Korean banking system has been negative since May 2016.

KUALA LUMPUR: Asia Media Group Bhd, a digital outdoor advertising company, does not know the reason for the 35% drop in its share price on Tuesday.

Replying to an unusual market activity (UMA) query made by Bursa Malaysia Securities, the advertising media provider said after making due enquiry on the matter with its directors and major shareholders, it still was unaware of any corporate development not previously announced as well as rumour or report to account for the sharp price fall.

The counter closed at 16.5 sen on Tuesday, down from 25.5 sen the previous day. Since July 5, Asia Media’s shares have been generally on an upward trend, climbing from 9 sen to reach 26 sen on Friday last week.

This was despite the group being in the red. Asia Media Group posted a net loss of RM105.64mil in the financial year ended Dec 31, 2015, and a net loss of RM5.17mil for the first nine months of this year.

The company also received a UMA query from Bursa Securities on June 20, for a sharp rise in its share price and trading volume. It was not aware of the reason then as well.

Based on its latest annual report, Asia Media has 3,993 LCD screens installed in 1,800 buses travelling in the Klang Valley and Johor Baru. It has also begun diversifying into the oil palm plantation business.