KUALA LUMPUR: Shares in Anzo Holdings Bhd fell by a fifth at midday on Monday, heading into its second straight day of sharp losses, even as the construction firm released more details on a recent RM1.2bil potential deal with a related company.
The stock fell 11.5 sen to 44 sen with 74.6 million share traded. Despite the recent sharp losses, the stock is still up 91% year-to-date.
Anzo told Bursa Malaysia on Monday that it is partnering an established contractor to undertake the project, subject to “finalisation of contract pricing.”
Last week, Anzo said a unit, Harvest Court Construction Sdn Bhd (HCCSB), had received a letter of intent from KL Northgate Sdn Bhd (KNSB) to build a mixed commercial development project on a 15 acres plot in Gombak, Selangor.
The letter of intent, Anzo said, is not legally binding.
“KNSB expressed their intention to award the contract to HCCSB subject to finalisation of final contract pricing and agreement of terms and conditions,” it said last week.
Anzo’s managing director and major shareholder Datuk Chai Woon Chet, is also an executive director and major shareholder of KNSB.
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