Anzo gets second UMA in three weeks after share price dives

PETALING JAYA: Anzo Holdings Bhd has been slapped with another unusual market activity (UMA) query by Bursa Malaysia Securities Bhd for a sharp fall in price and rise in volume, after its stock price fell 35% yesterday, just a week after announcing a RM1.2 billion job win.

The UMA is barely three weeks after it was issued with one for a sharp spike in its share price on March 28.

The construction and timber product manufacturing group’s share price close at 36 sen yesterday, with 127.64 million shares traded. Overall its share price has tumbled 40% from 60 sen on April 13.

Last week, Anzo’s subsidiary Harvest Court Construction Sdn Bhd received a legally non-binding letter of intent from KL Northgate Sdn Bhd to undertake a project worth an estimated RM1.2 billion with MCC Overseas (M) Sdn Bhd in Selayang.

The proposed mixed development of Paragon@KL Northgate will include a five-storey shopping mall, a one-storey basement carpark, four-storeys of podium carpark, 54 units of 3½ and 4½ storey shop offices, one block of 31-storey residence tower (400 units).

Anzo had seen its share price spike since early March necessitating an UMA query in late March. Its share price had risen 90% from 29 sen on March 13 to 55 sen on March 27. The company had denied any knowledge of any corporate developments which could have led to the spike in share price.

Prior to this, Harvest Court had received a letter of intent for a RM109.3 million contract to undertake Phase 2 of the Porto De Melaka Hotel and Resort development. The job involved the turnkey design and construction for a 216-room hotel complete with interior fit-out and furnishings and associated infrastructure works.