Ni Hsin Unaware Of Reports Or Rumours Causing Share Price Fall

KUALA LUMPUR, Oct 30 (Bernama) -- Ni Hsin Group Bhd said it has no knowledge of any rumour or report concerning the group’s business and affairs that may account for the sharp price fall and high trading volume of its shares after Bursa Malaysia Securities Bhd issued an unusual market activity (UMA) earlier today.

The stainless steel product maker said it had disposed of five million ordinary shares on Oct 26, 2026.

“While the board is unable to conclusively determine whether the said disposal contributed to the recent trading activity, it may have had an impact on the trading volume and/or share price of the company's securities,” it said in its filing with Bursa Malaysia.

Ni Hsin said the group is in compliance with Paragraph 9.03 of the Bursa Securities Listing Requirements on immediate disclosure obligations.

Earlier, Bursa Malaysia Securities issued a query to Ni Hsin and Mega Fortis Bhd following the sharp fall in the price of their shares today. 

In an UMA query, the exchange asked Ni Hsin and Mega Fortis to clarify whether there are any corporate developments relating to their respective groups’ business and affairs, including those at the negotiation or discussion stage, that have not been previously announced and that may account for the trading activity.

It also asked whether there are any rumours or reports concerning the business and affairs of the groups that may account for the trading activity and whether the companies are aware of any other possible explanation for the trading activity.

On Oct 27, the group proposed a one-for-two bonus issue of up to 312.65 million free warrants and proposed diversification of the existing principal activities of the company and its subsidiaries to include the electric vehicle business, which was announced on Sept 8, 2026.

At the close today, Ni Hsin shares dipped 11 sen, or 29.73 per cent, to 26 sen. 

-- BERNAMA