PETALING JAYA: Icon Offshore Bhd’s shares have continued to suffer losses after it was declared as designated securities by Bursa Malaysia due to excessive trading speculation.
At 4pm, the counter was trading 23 sen or 42.6% lower at 31 sen after tumbling as much as 29.5 sen or 54.6% to an intraday low of 24.5 sen, with 553,700 shares done. It has plunged 62% in the past two trading days.
Icon Offshore’s price hit limit up last Thursday after the stock jumped 30 sen or 72% to 71.5 sen following its ex-date (Jan 22) for the consolidation of every 50 shares in the company into one. The counter rose another 10 sen last Friday to 81.5 sen.
Icon Offshore’s shares and ordinary rights with warrants were classed as designated securities last Friday, which came into effect on Jan 28.
With that designation, trading in the counters will require payment upfront before buying and a free balance of securities before selling.
Meanwhile, Urusharta Jamaah had also ceased to be one of Icon Offshore’s substantial shareholders, after disposing of 972,225 shares last Thursday.
Urusharta Jamaah is a special-purpose vehicle set up by the government to manage Lembaga Tabung Haji’s underperforming assets.
According to the company’s 2018 annual report, Urusharta Jamaah held an 8.8% stake in Icon Offshore as of March 28, 2019. It was the second biggest shareholder after Hallmark Odyssey Sdn Bhd, which held a 42.28% stake.
The most recent stock given the designated securities status was Harvest Court Industries Bhd back in mid-November 2011. Its shares climbed drastically after former prime minister Datuk Seri Najib Abdul Razak’s second son Nazifuddin Najib bought into the company.
source https://www.thesundaily.my/business/icon-offshore-remains-under-selling-pressure-on-trading-curbs-EG1945060
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