KUALA LUMPUR: Property developer SP Setia Bhd's share price fell more than 14 per cent on Wednesday after it announced a suit against its former president and chief executive officer Datuk Khor Chap Jen, and two others for breach of duties related to land transactions in Sabah.
The stock fell to a low of RM1.05 during trading before closing 14.96 per cent lower at RM1.08 a share. This gave it a market capitalisation of RM5.2 billion.
The decline in the stock prompted Bursa Malaysia Securities to suspend intraday short selling (IDSS) for SP Setia.
The stock exchange announced that short selling will resume on the next trading day, Thursday, August 29, at 08:30 am.
On Tuesday, the developer revealed that Khor, its former deputy president and chief operating officer, Datuk Wong Tuck Wai, and executive vice president, Datuk Kow Choong Ming, were among 11 defendants in the lawsuit filed in the Shah Alam High Court.