KUALA LUMPUR: Mega Fortris Bhd and Ni Hsin Group Bhd
have responded to Bursa Malaysia's unusual market activity (UMA) queries following sharp declines in their share prices.
In a filing with Bursa Malaysia, Mega Fortris said it was unaware of any undisclosed corporate developments, rumours or reports that could explain the recent trading activity.
However, the group disclosed that two of its substantial shareholders, director Datuk Ng Meng Kee and Mega Fortris Global Pte Ltd, had obtained a High Court order against Affin Hwang Nominees Tempatan Sdn Bhd.
The order requires Affin Hwang Nominees to produce documents relating to its relationship with Safari Asia Ltd and transactions involving 17.74 million Mega Fortris shares between March 25 and March 31, 2026.
Mega Fortris said it had not been informed of the outcome of the disclosure exercise or any findings arising from it.
The group added that it was unable to determine whether the court proceedings were linked to the recent share price decline.
Separately, Ni Hsin said it was unaware of any rumours or reports that could explain the sharp fall in its share price and high trading volume.
The group noted that it had previously announced a proposed bonus issue of up to 312.65 million free warrants on Oct 27 and a proposed diversification into the electric vehicle business on Sept 8.
Ni Hsin also disclosed that it had disposed of five million ordinary shares on Oct 26.
While the group could not conclusively determine whether the disposal contributed to the recent trading activity, it said the transaction may have affected its share price or trading volume.
Mega Fortris shares tumbled 18.98%, or 52 sen, to RM2.22, although the stock remained up 152.27% year-to-date.
Ni Hsin plunged 29.73%, or 11 sen, to 26 sen, bringing its year-to-date gain to 160%.
