Euro Holdings hits limit-down

Euro Holdings hit limit down in early Wednesday trade.

KUALA LUMPUR: Share price of office furniture maker Euro Holdings hit limit down in early Wednesday trade in the absence of fresh negative news so far.

At 9.49am, it was down 51 sen to RM1.21 with 3.15 million shares done.

The FBM KLCI fell 1.57 points or 0.1% to 1, 579.80. Turnover was 1.12 billion shares valued at RM538.64mil. There were 281 gainers, 302 losers and 414 counters unchanged.

At RM1.21, this was the lowest since Nov 18 last year. It surged to a high of RM5.71 in mid-January. However, since end-March, the share price has been losing ground.

In the first quarter ended March 31, 2021 it posted net profit of RM490, 000 compared with net loss of RM3.06mil a year ago. Its revenue jumped to RM16.25mil from RM9.93m a year ago.

On March 24, it had proposed to undertake a bonus issue of 3.20 billion new shares on a four for one basis.

based on the five-day volume weighted average price of Euro Holdings shares up to March 16 of RM4.7019, the theoretical adjusted reference price of the bonus shares was 94 sen.

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