KUALA LUMPUR: S P Setia Bhd tumbled today, prompting Bursa Malaysia Securities to suspend intraday short selling (IDSS) for the stock.
The property developer fell 16.54%, or 21 sen to RM1.06 at 4.34 pm. It hit an intraday low of RM1.05 earlier.
In a filing today, Bursa Malaysia said S P Setia’s IDSS has been suspended for the day after its last done price fell by more than 15 sen or 15% of the reference price.
“The short selling under IDSS will only be activated the following trading day, Thursday, Aug 29 at 08:30 am,” it said.
S P Setia has initiated legal proceedings against its former senior management over alleged breaches of duties linked to the purchase of lands in Kota Kinabalu, Sabah, as well as the sale of units under the company’s Aeropod project.
It said Datuk Wong Tuck Wai (its former deputy president and chief operating officer), Datuk Kow Choong Ming (former executive vice president) and Datuk Khor Chap Jen (former president and chief executive officer and director) were among the 11 defendants it named in the suit.
