Gunung Capital shares continue to fall

PETALING JAYA: Shares of Gunung Capital Bhd continued its downward trend yesterday falling 2.56% after Prime Minister Datuk Seri Najib Abdul Razak announced it will suspend the National Service programme this year during the revised budget announcement.
The move could affect the company's three-year contract worth RM164.95 million, which was awarded by the Ministry of Defence in December last year. The contract is from Dec 26, 2014 to Dec 25, 2017.
Gunung Capital's share price dropped as much as 3.5 sen or 4.49% to 74.5 sen yesterday before closing at 76 sen, down 2 sen or 2.56%.
Over the past two days, its shares have gone down by a total 9.52%.
As at press time, Gunung Capital management could not be reached for comment.
Under the contract, Gunung Capital is to provide transport services for the National Service programme.
Gunung Capital is run by Datuk Syed Abu Hussin Hafiz Syed Abdul Fasal, who is executive chairman and CEO of the group. He is an 18.72% shareholder in the group.