KUALA LUMPUR: Farm Fresh Bhd
has clarified that the recent announcement it made regarding the unusual trading activity of its shares was voluntary and not in response to any query from Bursa Malaysia.
"The company wishes to clarify that the announcement made by the company yesterday was voluntary to provide clarity to the public in relation to the market price volatility and trading volume of the Farm Fresh shares in Bursa Malaysia," it said in a bourse filing.
On July 4, 2023, the trading stock in Farm Fresh had plunged to an all-time trading low of 99 sen a share before ending the session at RM1.14 on record trading volume of 77.38 million shares.
In response to the development, Farm Fresh filed an announcement with Bursa Malaysia over rumours about the company that had been circulating.
It sought to clarify that while Australian dairy giant Bega Group had projected a decrease in performance resulting from the decline in Australian milk production, Farm Fresh was "much less impacted".
“While Farm Fresh is also impacted by the less-than-expected decrease in farmgate milk prices in Australia, as we do purchase milk from third party farmers in Australia, we are much less impacted compared to Bega Group.
“Bega Group exclusively purchases 100% of its milk requirements from farmers in Australia whilst our purchase of milk ingredients from third party farmers in Australia is expected to account for approximately 14% of our total milk ingredients," it said in the July 4 filing.
At the lunch break, shares in Farm Fresh were trading three sen or 2.63% lower at RM1.11 a share on the back of 12.85 million shares exchanging hands.
