KUALA LUMPUR, June 12 — Tanco Holdings Bhd shares plunged 60 per cent on Thursday in their steepest one-day decline since the property developer was listed 39 years ago, according to The Edge.
The business news portal reported that the stock hit the maximum 30 sen daily limit-down within the first 30 minutes of trading, marking its fourth consecutive session of sharp losses. The counter remained at its floor price of 20 sen after more than 205 million shares changed hands.
The decline triggered an automatic suspension of intraday short selling, which Bursa Malaysia imposes when a stock falls by more than 15 per cent or 15 sen from its previous closing price. Trading under the mechanism is expected to resume tomorrow morning.
The Edge reported that Tanco’s market capitalisation has shrunk to about RM1.22 billion from a peak exceeding RM10 billion on June 3, after the stock had surged more than 600 per cent since 2024.
Amid the volatility, managing director Datuk Seri Andrew Tan Jun Suan was reported to have traded in the company’s shares over recent days.
Exchange filings showed he acquired 15.27 million shares at RM1.05 through a direct business transaction on June 10 and sold two million shares on the open market at 50.7 sen on the same day, according to the report.
Earlier this week, Tanco announced plans to explore data centre development through a memorandum of understanding with China Mobile International Ltd involving a proposed 50MW facility in Port Dickson, Negeri Sembilan.
The company has also come under Bursa Malaysia’s scrutiny twice this year over unusual trading activity.
According to media reports Tanco said on June 8 that there were ongoing discussions involving potential corporate developments, although the matter was not ready for public disclosure.
Tanco had previously attributed an earlier surge in its share price to media reports regarding a proposed container port project in Port Dickson and said there were no undisclosed corporate developments at the time.
