Bursa: No decision to designate Naim Indah

PETALING JAYA: Bursa Malaysia Bhd’s regulatory arm, Bursa Securities, which warned investors on the recent sharp rise in the price and volume of Naim Indah Corp Bhd shares, has not made any decision on whether to designate the stock.
“We
cannot speculate really on the type of actions we’ll take,” chief
regulatory officer Selvarany Rasiah told reporters after a briefing on
Bursa Malaysia’s fourth-quarter financial results ended Dec 31, 2011.
Bursa
Securities had earlier advised investors to exercise caution and to
make informed decisions when trading in Naim Indah shares.
Property
and timber-related Naim Indah’s share price has risen 1,240% in a
six-month period, closing at 67 sen after gaining 18 sen. The share
price rose to 75 sen just after the market opened.
Filings with the stock exchange on Wednesday showed that Sagajuta (Sabah) Sdn Bhd managing director and controlling shareholder Datuk Raymond Chan Boon Siew bought a 12.11% stake in Naim Indah from the company’s largest shareholder Crest Energy Sdn Bhd, which also sold the remainder of its 22.80% stake to a number of other individuals.
Chan emerged as a substantial shareholder in timber-related Harvest Court Industries Bhd
last October, which also saw its share price rise 2,405.88% in a
one-month period from mid-October to mid-November before the stock and
its warrants were designated on Nov 16.

+1 bump