KUALA LUMPUR: Selling pressure pushed Lagenda Properties Bhd to the day's low of 85 sen, or 27 per cent lower, after the company said the Malaysian Anti-Corruption Commission (MACC) was investigating " a senior company personality' for land dealings.
At the time of writing, the counter had pared some its losses to settle 10 per cent lower at RM1.05 a share, valuing the company at RM879 million.
Its 52-week low was RM1.15 a share.
Short selling in the company's shares has been suspended for the second-day. It will resume at 8.30am tomorrow.
Lagenda Properties' share price hit limit down yesterday, prompting suspension of short selling in its shares and an unusual market activity (UMA) from regulator, Bursa Malaysia Securities.
In response to the UMA query, Lagenda Properties' board acknowledged news reports that the MACC had issued a four-day remand order for a senior figure in the company.
It stated that the investigation is unrelated to Lagenda Properties' business operations and that the group's operations remain unaffected by the event.
"The board wishes to inform the shareholders and other stakeholders that the operations of the company remain unaffected by the above event. The company's various operating units have been and are under the care of the various unit heads with a proven track record. The board shall provide all assistance and cooperation to the appropriate authorities, if required," it noted.
Lagenda Properties also said it is not aware of any other possible explanation for the trading activity.
