Asia Bioenergy points at Goldman Sachs exit as reason for share price fall

by **Cals** Thu 06 Mar 2014, 17:27

Business & Markets 2014

Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com

Thursday, 06 March 2014 14:30

KUALA LUMPUR (Mar 6): Asia Bioenergy Technologies Bhd said it was "not aware" of any corporate development which might have led to the fall in its share price recently.

Asia Bioenergy however pointed at the exit of US-based major shareholder The Goldman Sachs Group Inc from the Malaysian firm.

“Meanwhile, we would like to draw your attention to the announcement of the disposal of the entire shareholdings by The Goldman Sachs Group Inc yesterday,” Asia Bioenergy said in a reply today to Bursa Malaysia’s unusual market activity (UMA) query.

Asia Bioenergy said in a separate statement that Goldman Sachs had ceased to become a major shareholder in the firm since Feb 24 this year. This followed the sale of 44.6 million shares or about 11% in Asia Bioenergy by Goldman Sachs.

Besides Goldman Sachs, Asia Bioenergy said it was not aware of any corporate development relating to its business and affairs that might have resulted in the trading activity of its shares.

Asia Bioenergy said it was also unaware of any rumour or report concerning the business and affairs of the group that might have led to the UMA.

Shares of Asia Bioenergy have fallen. Yesterday, the stock fell one sen or 9.52% to 9.5 sen.

Today, the stock settled at nine sen at 12.30pm, down 0.5 sen or 5.26% with some 23 million shares traded.

Bloomberg data shows that Asia Bioenergy shares had traded at a one-year intraday high of 19 sen on February 24, 2014. This compares to a low of 6.5 sen on March 6, 2013.

Compared to the intraday high of 19 sen, the stock had plunged 50% to yesterday’s closing price of 9.5 sen.