Naim Indah most active

TIMBER and property-related Naim Indah Corp Bhd was the most active counter on Bursa Malaysia yesterday with some 315 million shares changing hands.

The stock opened at 56 sen but nosedived to 37.5 sen at the end of the morning session.

The stock bounced back after trading resumed in the afternoon but still closed 14 per cent lower to 48 sen.

Naim Indah's shares have been on the uptrend since February 2 this year and continued to rise after Sagajuta Group's Datuk Raymond Chan Boon Siew emerged as a new major shareholder last week.

Chan bought a 12.11 per cent stake in Naim Indah from the company's largest shareholder Crest Energy Sdn Bhd, which also sold the remainder of its 22.80 per cent stake to a number of other individuals.

He was reportedly said to be planning to inject property developer Sagajuta Sabah Sdn Bhd into Naim Indah.

Last Thursday, Naim Indah closed at 67 sen from just 9 sen a week before. Overall, the stock had risen some 1,240 per cent within a six-month period until last Thursday.

The sharp rise has prompted Bursa Malaysia to caution investors in the trading of Naim Indah stocks. The move raised concerns that the regulator could move to designate the stock and selling pressure has since intensified.

Naim Indah most active, btimes.com.my