KUALA LUMPUR, Aug 5 (Bernama) -- The intra-day short selling (IDSS) of WCT Holdings Bhd's shares has been suspended for the rest of the day after its last done price dropped more than 15 per cent or 15 sen from its reference price.
Bursa Malaysia announced on its website that the IDSS of the company's shares will only be reactivated the following day (Tuesday, Aug 6) at 8.30 am.
At 9.51 am, WCT’s share price, which closed at RM1.12 on Friday, slipped 11 sen to RM1.01, with 33.49 million shares changing hands.
On Friday, WCT had announced a private placement exercise of up to 141.6 million shares or up to 10 per cent of current issued shares, which is expected to raise gross proceed of RM163 million based on an illustrative price of RM1.151 per share.
According to Public Investment Bank Bhd, the placement would enable WCT to raise the requisite funds to execute the ongoing construction projects smoothly and efficiently.
"The placement will also complement the group’s ongoing de-gearing initiatives which aims to reduce gross gearing to below 0.6 time,” it said in a note today.
-- BERNAMA
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