Lagenda fell to a standstill this morning, rumor has it that senior officials have been detained by the Anti-Corruption Association
Lagenda Industries $LAGENDA(7179.MY)$ Today, in the face of huge selling pressure, the stock price fell directly to a plateau level in less than half an hour after opening, and intraday short selling (IDSS) was also banned.
Meanwhile, news broke that senior officials had been detained by the Anti-Corruption Bureau (MACC); the company had a strong trend throughout the day and ranked 3rd in the Malaysian stock market decline list.
In response to this, in addition to banning the Lagenda industry's intraday short selling activities, the Malaysian Exchange also issued an unusual trading activity (UMA) question to the company.
As of the closure of the market, Lagenda Industries has yet to respond to UMA questions from the Malaysian Stock Exchange, but revealed to investment bank analysts that one of the company's senior executives has been detained by the Anti-Corruption Bureau to help investigate a case dividing a Malay reserve in Manjung County, Perak.
According to “The Edge” report, Gus Linde Jixing, head of industrial investment and investor relations at Lagenda, emphasized during the analysts' meeting that the company's business will continue to operate normally as an industry developer.
He did not reveal the real identity of the detained senior management, but indicated that Cai Shenghui (transliteration), the company's executive director, will temporarily assume the position of company leader.
The current managing director of Lagenda Industries is Dato' Zhuo Zhiming.
According to Bloomberg data, a total of 5 investment banks previously tracked the stock and gave them a “buy” rating. The average target price for the past 12 months was RM2.04.
Source: Nanyang Siang Pao
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