KUALA LUMPUR (Dec 9): Milux Corporation Bhd said it is not aware of any reasons for the sharp fall in its share price, except for its planned disposal of a piece of land in Penang state.

The kitchen and electrical appliances maker said this in reply to an unusual market activity (UMA) query by Bursa Malaysia, after the share price hit limit down when it dropped to 87.5 sen on Thursday (Dec 9).

The counter parred losses in late trading to close the day at 98 sen, down 27 sen or 21.6% from Wednesday. It was the fifth biggest loser on Bursa Malaysia.

Trading volume stood at 3.67 million shares, exceeding its 200-day average volume of 1.66 million.

In its reply, Milux referred to its announcement on Dec 2 about the proposed sale of a land in Seberang Perai Tengah with a building on it for RM11 million, to rationalise its assets and focus its resources on more promising areas of its operations.

Other than this, Milux said the group is not aware of any corporate developments, rumours, reports or possible explanations that may account for its shares’ trading activity.

Based on its closing price of 98 sen, Milux has market capitalisation  RM230.36 million. 

Year-to-date, the counter has risen 75% from 56 sen.

For the second quarter ended June 30, 2021, Milux returned to the black with a net profit of RM2.31 million, from a net loss of RM722,000 a year earlier, despite revenue falling 17.2% to RM11.82 million, from RM14.28 million.

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Milux receives UMA query following sharp fall in share price