Bursa Securities queries Sanichi over sharp fall

Genting slumped 15 sen to RM6.80 and erased 1.01 points while GentingM was down three sen to RM3.25 following the recent corporate news which were viewed as negative by investors.

KUALA LUMPUR: Bursa Malaysia Securities Bhd has queried Sanichi Technology Bhd on the sharp fall in price of the company’s shares recently.

The regulator had issued the unusual market activity (UMA) query on Friday and ordered the company to find out the cause of the sharp fall.

After rallying from a low of of 10.1 sen on Nov 16 to a high of 18 sen on Nov 27, it then fell to a low of eight sen on Thursday.

At 11.05am, Sanichi was trading at 8.5 sen, up 0.5 sen with 543,600 shares done.

Sanichi's core activities are designing and fabrication of precision moulds and tooling for use in automobiles.

News reports said Sanichi aims to secure an order book of RM500 million over the next five years with its latest venture into the food and beverage (F&B) business.

It had teamed up with FKS Holdings Pte Ltd to supply fresh produce for the international F&B industry, in addition to providing Japanese fine dining cuisine. Under the JV, Sanichi will hold a 70% and FKS the rest.