KUALA LUMPUR: Boustead Heavy Industries Corporation Bhd (BHIC) today hit a low of 21 sen, its lowest since listing on Bursa Malaysia, after a sharp drop in share price.
The company's stock managed to gain back some ground, to close almost 40 per cent lower at 27.5 sen a share.
The sharp drop in share price led to a suspension of intra-day short selling in its shares.
BHIC was listed on the local stock exchange in 2007. It is 64.99 per cent-owned by Boustead Holdings Bhd, which is wholly owned by Lembaga Tabung Angkatan Tentera (LTAT).
Boustead Holdings was privatised in 2023.
For the six months ended June 30, 2024, BHIC reported a net profit of RM18.5 million, against a revenue of RM120.1 million on higher profits from submarine contracts and operational efficiency.