The company announced last Friday its group managing director and two executive directors have resigned from the board.
The stock tumbled eight sen or 44.4% to an intraday low of 10 sen, its lowest level in more than three years. It closed 40.5% lower at 11 sen, valuing the telecommunications solutions provider at just RM43.9 million.
It was the second most traded stock on Bursa Malaysia with 74.4 million shares changing hands.
The company had been facing heavy selling pressure even before the resignations were announced last Friday. Over the past five trading days, Silver Ridge’s shares have plummeted 70%.
The sharp drop in its share price today prompted Bursa Malaysia to issue an unusual market activity query to the company.
In response, Silver Ridge said it is not aware of any undisclosed corporate developments, rumours, reports or other reasons that could explain the sharp fall in its share price, save for the resignation of the three executive directors.
In three separate exchange filings on Friday, Silver Ridge announced the resignations of group managing director Khoo Yik Chou, deputy group managing director Syauqat Suhaimi and executive director Syakur Suhaimi.
The reason given for their resignations was to “facilitate the company’s ongoing succession planning and leadership transition”.
In addition, the trio said they had no disagreement with the board and no matters that needed to be brought to shareholders’ attention. The company has yet to announce their replacements.
The resignation of Khoo, 39, is significant as he is the company’s largest shareholder with a 17.223% direct and 2.158% indirect stake. He has served as group managing director since April 2024.
Meanwhile, Syauqat, 33, and Syakur, 39, are deemed substantial shareholders as their father Suhaimi Abdullah has a 6.9% direct stake in Silver Ridge. Suhaimi is the MP for Langkawi, representing Bersatu.
Syauqat has been deputy group managing director since April 2024 while Syakur has been on Silver Ridge’s board since March 2011.
Silver Ridge provides telecommunication solutions involving design, installation, testing, commissioning and maintenance of cellular networks, broadband, information technology as well as power systems for telecommunication providers. - FMT
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