Quick take: Euro tumbles 24% after cancelling proposed bonus issue

KUALA LUMPUR: Euro Holdings Bhd, the furniture manufacturer that has seen its share price falling by 68% so far this year, experienced another sharp fall in early trade Friday.

The counter tumbled 24.79%, or 30 sen to 91 sen with over 47 million shares traded at 9.02am. The stock hit limit down for two consecutive days - on Tuesday and Wednesday.

Euro has terminated its proposed four-for-one bonus issue, citing "the recent market volatility in the share price performance".

"On behalf of the Board of Directors of Euro, AmInvestment Bank wishes to announce that the Board, after taking into consideration the recent market volatility in the share price performance of Euro, has resolved to terminate the proposed bonus issue," it said.

The company on Wednesday said it was unaware of any reasons or development that might have triggered the sell-off.

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