KUALA LUMPUR (Feb 13): Reneuco Bhd, which was recently classified as a Practice Note 17 (PN17) company, emerged as one of the most active counters on Tuesday, amid the persistent downward trajectory of its share price that began last month.

At Tuesday's market close, the counter recorded a trading volume of 38.73 million shares, with its share price remaining unchanged at 5.5 sen. This gave the company a market value of RM61.7 million, based on a share capital of 1.12 billion shares.

Reneuco had plummeted by 75% year-to-date. The significant downward trend in its share price began after it failed to submit its latest annual report to Bursa Malaysia before the stipulated deadline on Jan 31.

In the subsequent week, its major shareholder Datuk Mustakim Mat Nun divested his 6.88% stake due to forced selling by share-margin financiers.

Following the annual report submission on Feb 8, Reneuco was classified under PN17 status, as the company’s external auditors entered a disclaimer of opinion due to insufficient appropriate audit evidence.

Reneuco previously changed its financial year end to September from June. According to its latest annual report, the company posted a loss of RM118.98 million for the 15-month financial period ended Sept 30, 2023, on the back of RM64.6 million in revenue.

Read also:
Largest shareholder Mustakim’s 6.9% stake disposal was due to forced selling, Reneuco says
Reneuco’s largest shareholder pared 6.9% stake before annual report release
Reneuco falls into PN17 status; auditors did not express opinion on financial statements