Euro Holdings sees 26m shares in sell queue at RM1.21

KUALA LUMPUR: Euro Holdings Bhd, whose share price hit limit-down on Tuesday and Wednesday, saw 26 million shares in the sell queue at RM1.21 in the morning session on Thursday.

According to remisiers, the Bursa Malaysia mechanism is that the share price cannot go down any lower on the third day. However, this will be uplifted on the fourth day, which is Friday.

At noon, there were 361, 200 shares already transacted at RM1.21. However, there were no buyers at all for the 26 million shares..

StarBiz reported Euro’s share price plunged nearly 30% in early Wednesday trade, down 51 sen to RM1.21 and reduced its market capitalisation to RM970.30mil.

The office furniture maker said it had enquired with its directors and major shareholders and it was not aware of any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity;

It also said its major shareholder, namely SPA Furniture (M) Sdn Bhd it has not entered into any negotiations, discussions or transactions that has not been previously announced, in regards to their shareholding position in Euro.

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.

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