The share price of Harvest Court Industries Bhd plunged nearly 30 percent this morning, after Bursa Malaysia yesterday declared it as 'designated securities'.
This is despite the star shareholder - the premier’s second son Mohd Nazifuddin Najib - denying that the company gets preferential treatment from the government.
The shares and warrants tumbled to RM1.50 and RM1.27 respectively when the market resumed at 9am, dropping nearly one-third from yesterday’s RM2.13 and RM1.81.
In interviews published today by two Chinese dailies - Sin Chew Daily and China Press - Nazifuddin insisted that the government is not involved in the company’s projects which have a total value of RM1.2 billion.
These were awarded to Harvest Court by Sagajuta (Sabah) Sdn Bhd, of which Nazifuddin is chairperson and which built the 1Borneo mall in Kota Kinabalu.
On speculation over Harvest's share price and rumours being spread about him, Nazifuddin said he is "deeply troubled" but that there is little he can do about the situation.
The company's share price had seen a surge of 2,563 percent from the 8 sen registered on Oct 13.
Yesterday Harvest's stock and warrant were declared 'designated securities' and suspended for the day by Bursa Malaysia.
'Designated securities' means that the trading of the counter will require investors to pay cash upfront on purchase, and a free balance of securities before selling, a move aimed at curbing excessive speculative activity.
[More to follow]
This is despite the star shareholder - the premier’s second son Mohd Nazifuddin Najib - denying that the company gets preferential treatment from the government.The shares and warrants tumbled to RM1.50 and RM1.27 respectively when the market resumed at 9am, dropping nearly one-third from yesterday’s RM2.13 and RM1.81.
In interviews published today by two Chinese dailies - Sin Chew Daily and China Press - Nazifuddin insisted that the government is not involved in the company’s projects which have a total value of RM1.2 billion.
These were awarded to Harvest Court by Sagajuta (Sabah) Sdn Bhd, of which Nazifuddin is chairperson and which built the 1Borneo mall in Kota Kinabalu.
On speculation over Harvest's share price and rumours being spread about him, Nazifuddin said he is "deeply troubled" but that there is little he can do about the situation.
The company's share price had seen a surge of 2,563 percent from the 8 sen registered on Oct 13.
Yesterday Harvest's stock and warrant were declared 'designated securities' and suspended for the day by Bursa Malaysia.
'Designated securities' means that the trading of the counter will require investors to pay cash upfront on purchase, and a free balance of securities before selling, a move aimed at curbing excessive speculative activity.
[More to follow]
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