Mainstream
Scepticism likely cause of Anzo’s volatility
Lim Cian Yai | 21 Apr 2017 00:30
Shareholders of Anzo Holdings Bhd probably experienced some sleepless nights over the last one month. Despite some positive news, the share price of the construction outfit has been highly volatile.
 
On April 17, the counter plunged 35% or 19.5 sen to 36 sen from the previous close of 55.5 sen. Trading volume doubled to 127.63 million shares from 63.18 million previously.
 
The company was also slapped with two unusual market activity (UMA) queries from Bursa Malaysia, the first on March 28 on the sharp rise in its share price the previous day. Then on April 17, it received another UMA notice on the sharp fall in price and spike in trading volume. The bourse had advised shareholders to exercise caution in dealing with the counter.

Intriguingly, the selldown took place after Anzo received a letter of intent (LOI) to undertake RM1.2 bil of construction work for KL Northgate Sdn Bhd on April 13. The project is part of the Paragon@KL Northgate mixed development in Selayang, Kuala Lumpur. 

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