Kanger unaware on reasons for falling share price

by **Cals** Tue 19 May 2015, 22:21

Kanger unaware on reasons for falling share price

KUALA LUMPUR (May 19): Bamboo flooring seller Kanger International Bhd says that it is not aware of any events that could have contributed to the sharp fall on its share price, which has tumbled by nearly 49% from 41 sen on April 7 to close at 21 sen today.
The steep fall in its share price has wiped its market capitalisation to RM109.1 million currently from RM212.95 million.
“The board of directors hereby confirms that to the best of their knowledge and after making due enquiry with the directors and major shareholders, save and except for the recent exercise conversion of the company’s warrants and redeemable convertible notes, which have been announced to Bursa Malaysia, is not aware of any of the following that may have contributed to the unusual market activity,” said ACE-listed Kanger in a reply to the stock exchange’s query on the unusual share price movement today.
Kanger also confirms that it is in compliance with Rule 9.03 of the ACE Market Listing Requirements, which requires a listed entity to provide immediate disclosure.
Kanger was the tenth most actively traded stock on Bursa Malaysia today, with 35.22 million shares traded.
Year-to-date, the stock has fallen by 44.74% or 17 sen.
Kanger was listed on the ACE-market of Bursa Malaysia in December 2013 at an initial public offer price of 25 sen per share, which had raised RM20 million in gross proceeds.
The company is controlled by its managing director Leng Ximin, who has a direct stake of 30.273%.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)