Unhappiness at Hengyuan

The MyEg counter still in normal operation at Immigration headquarters in Putrajaya. MOHD SAHAR MISNI/The Star

IT was just five months ago when shareholders of Hengyuan Refining Company Bhd were riding high.

The company’s shares were one of the best performing on Bursa Malaysia for 2017. The company reported spectacular profits for that year, and investors were looking forward to its share price surpassing RM20 apiece. Fast forward to today and Hengyuan is trading at a mere RM7 a share, and for its first quarter ended March 31, earnings plunged by a massive 69% to RM86.8mil from RM279.5 mil a year earlier. The company has declared a mere two-sen dividend.