KUALA LUMPUR: Short selling in Lagenda Properties Bhd's shares have been suspended for a second-day after the company announced yesterday that "a senior personality of the company" has been remanded by the Malaysian Anti-Corruption Commission (MACC) for four days as part of investigations into land dealings.
Short selling will only be activated at 8.30am on May 31, 2024.
On Tuesday, New Straits Times reported that a managing director of a real estate company was arrested by the MACC on Monday to assist in the investigation of a case involving the fragmentation of about 650 hectares of Malay reserve land in Manjung, Sitiawan Perak, in 2012.
Lagenda Properties in response to an unusual market activity query from Bursa Malaysia Securities Bhd yesterday said the company convened an emergency board meeting yesterday afternoon to assess the implications of the remand of the company personality.
Lagenda Properties csaid the MACC investigation is isolated from its business operations and that the company's remain unaffected by the event.
"The company's various operating units have been and are under the care of the various unit heads with proven track record. The board shall provide all assistance and cooperation to the appropriate authorities, if required. The board is not aware of any other possible explanation for the trading activity," it added.
The company's share price opened 26 per cent lower at 86 sen a share today following the news.