KUALA LUMPUR (March 12): Microlink Solutions Bhd, whose share price plunged to its lowest in more than two years on Monday, said it is not aware of any possible explanation for the unusual market activity (UMA).

The sharp fall had prompted Bursa Malaysia to suspend intraday short selling activities on the stock on Monday afternoon. Proprietary day trading and intraday short selling remained suspended on Tuesday.

Responding to Bursa Malaysia’s query on the UMA, Microlink said it is not aware of any corporate development relating to the group’s business that has not been previously announced.

“We are not aware of any rumour or report concerning the business and affairs of the group that may account for the trading activity,” the group added in a filing on Tuesday.

Microlink was slapped with the UMA query on Monday after its shares dropped 36.1%, or 30 sen, to hit its limit-down of 53 sen, which is also its lowest since November 2021.

The counter continued to nosedive throughout Tuesday, to close at 37 sen, down 16 sen or 30.19%, for a new four-year low.

It was the third biggest loser on Bursa Malaysia for the day, and the group’s market capitalisation came down to RM396.79 million.

Microlink is 9.9% controlled by the Sultan of Pahang, Al-Sultan Abdullah Sultan Ahmad Shah. He is the third largest shareholder, after Omesti Bhd’s 34.3% interest and Kenanga Islamic Absolute Return Fund's 22.1% stake.

The group recently reported a RM3.37 million net loss for the third quarter ended Dec 31, 2023, its first quarterly loss in four years.

For the cumulative nine-month period, its net profit declined 98% to RM467,000 from RM21.5 million in the previous corresponding period, despite revenue growing 12% to RM204.05 million from RM183.03 million.