KUALA LUMPUR: Lagenda Properties Bhd's share price gained some lost ground after Bernama reported that the Malaysian Anti-Corruption Commission (MACC) had released the managing director of a real estate company under investigation for fraud involving Malay reserve land.
The executive was remanded on Tuesday.
The company's share price climbed as much as 12.5 per cent to RM1.26 versus Thursday's closing price of RM1.12.
At 11am, its share price rose 8.04 per cent or nine sen to RM1.21.
In the past five days, the company's share price has slipped 29.24 per cent or 50 sen.
Lagenda properties' Datuk Doh Jee Ming and Datuk Doh Tee Leong investment vehicle took the opportunity to up their stake in the company to 56.854 per cent during the period of share price weakness.
Lagenda Properties' share price hit limit down on Wednesday, prompting an unusual market activity (UMA) query from regulator, Bursa Malaysia Securities.
In response to the UMA query, Lagenda Properties' board acknowledged news reports that the MACC had issued a four-day remand order for a senior figure of the company.
Bernama reported that the suspect was released on bail amounting to RM50,000 with two sureties, and is required to report to the MACC office every month.