Tanco: Business Fundamentals Remain Unaffected Amid Share Price Volatility

KUALA LUMPUR, June 15 (Bernama) -- Tanco Holdings Bhd said its business fundamentals remain unaffected despite recent volatility in its share price that prompted Bursa Malaysia Securities Bhd (Bursa Securities) to issue an Unusual Market Activity (UMA) query.

In a statement today, the Main Market-listed company said all announced projects, including ongoing property developments, the Smart AI Container Port, and the Port Dickson Free Zone in Negeri Sembilan, remain intact.

“These initiatives continue to progress in alignment with their respective regulatory, technical, financing, and commercial milestones.

“Furthermore, Tanco assures its property purchasers that there are no cancellations or suspensions of any development projects arising from the current market trading activity,” it said. 

Meanwhile, Tanco said it had responded to the UMA query issued by Bursa Securities. 

“Following due enquiries with its board of directors and major shareholders, the company confirms it is unaware of any undisclosed corporate developments that may account for the recent trading patterns,” it said.

It added that the recent rapid and unprecedented decline in its share price appeared unusual, given that its core businesses, major projects and contracts remained sound and intact, and that it had strictly adhered to market disclosure requirements.

On June 8, Tanco received an UMA query from Bursa Securities after its shares fell 29.56 per cent, or 47 sen, to RM1.12, with 30.49 million shares traded.

-- BERNAMA