CNI falls 7.14% on suspending MLM activities in Myanmar

TheEdge Thu, Oct 11, 2018 09:24am - 5 years View Original


KUALA LUMPUR (Oct 11): CNI Holdings Bhd shares fell 7.14% this morning after the group suspended its multi-level marketing (MLM) business activities in Myanmar after local authorities banned the use of such methods.

At 9.05am, CNI fell 0.5 sen to 6.5 sen with 500,000 shares traded.

On Sept 18 the Ministry of Commerce Myanmar issued a notification prohibiting the MLM business in Myanmar.

Consequently, its indirect subsidiary Creative Network International (Myanmar) Co Ltd suspended its MLM business activities there to comply with the notification.

 

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