KUALA LUMPUR: Bird's nest processor MYMBN Bhd's share price fell to a record low of 12 sen a share today following a notice from the Department of Veterinary Services (DVS) regarding the temporary suspension of its bird's nest product exports to China.
As of 3.15pm, the stock had dropped by 3.85 per cent, shedding half a sen to trade at 12.5 sen.
The company was listed on the ACE Market of Bursa Malaysia Securities Bhd in July 2023.
Yesterday, MYMBN said the suspension of exports was due to the detection of the Newcastle Disease Virus in Malaysia, which had been reported to the World Organisation for Animal Health. The company said it is taking proactive steps to minimise the impact, including redirecting its sales focus to the existing alternative export market in Vietnam and the domestic market.
Additionally, MYMBN is engaging with relevant authorities to monitor the situation, expedite the resumption of exports, and refine its operational strategies to manage inventory and ensure business continuity.
The company registered a net loss of RM870,000 and a revenue of RM11.47 million for the third quarter of 2024 (3Q24).