The key FBM KLCI fell briefly below the crucial 1,600 level in afternoon trade on Monday on mounting selling pressure in line with the key Asian markets.
KUALA LUMPUR: Ranhill Holdings Bhd is seeing some selling pressure on news that the Energy Commission has rescinded the proposed 300MW power plant project in Sandakan.
At 10am, the counter was trading 4.5 sen or 4.4% lower at 97.5 sen a share on the back of 1.15 million units traded.
In a filing with the stock exchange yesterday, Ranhill said the EC had issued the letter of cancellation to the consortium consisting of Sabah Development Energy (Sandakan) Sdn Bhd (SDESB) and Ranhill’s unit, SM Hydro Energy Sdn Bhd (SMHE).
SMHE has a 30% stake in the consortium, which received a conditional letter of award in February from the EC to develop a combined-cycle gas turbine plant in Sandakan.
Limited time offer:
Just RM5 per month.
