Bursa Securities queries Seacera after recent plunge

In justifying the 26.58% premium to arrive at the issue price of RM1 per consideration share, the tile manufacturer and property and construction group said yesterday the agreed price also took into consideration the volume weighted average market prices (VWAMPs) of its shares, as well as the net assets per share of the company. (File picture shows some Seacera tile products.)

KUALA LUMPUR: Bursa Malaysia Securities queried Seacera Group Bhd on Monday after its share price plunged more than 30% last Friday to a low of 15.5 sen.

At 10.54am, shares of the tile maker and property company staged a mild rebound, rising three sen to 18.5 sen. It was the most active counter with 84 million shares done.

The regulator directed the company to determing the reason for the sharp fall in the share price.

It also advised investors to take note of the company's replay on the query.

Last Friday, Seacera tumbled 7.5 sen, or 32.61%, to close at 15.5 sen.

It was the most actively traded counter with 120.5 million shares changing hands.

StarBizWeek reported that according to sources, Seacera’s three major shareholders – Zulkarnin Ariffin, Datuk Mansor Masikon and Datuk Ismail Osman – have been forced to sell down their stakes in the company on the market.

At 15.5 sen, it was trading at a mere 0.08 times its net tangible asset of RM1.87 as at June 30, 2018.

Seacera slipped to a net loss of RM7.49mil, or 1.99 sen per share, for the first half ended June 30, 2018, from a net profit of RM1.48mil, or 0.60 sen per share, in the corresponding period last year.
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