Tanco denies new undisclosed developments behind share price surge, points to Midport Project media coverage

KUALA LUMPUR (April 21): Tanco Holdings Bhd responded to a Bursa Malaysia’s Unusual Market Activity (UMA) query following a sharp and unusual rise in its share price, stating that its board was not aware of any new or undisclosed corporate developments that may account for the trading activity.

Tanco's share price had been rising steadily over the past week, trading between RM1.57 and a 52-week high of RM1.72 on the day Bursa issued the query.

Bursa Malaysia Securities Bhd issued the UMA query — reference IQL-20042026-00001 — on Monday (April 20), directing Tanco to respond after making due enquiry with its directors, major shareholders and other relevant persons.

In its reply, Tanco pointed to its string of previously announced corporate milestones as the backdrop to current investor attention. These include approvals for the proposed development of a Smart AI Container Port in Port Dickson — referred to as the Midport Project — joint-venture agreements with Menteri Besar Negeri Sembilan Inc for both the Midport Project and a proposed Port Dickson Free Zone (PDFZ) Project, and contracts with a cluster of Chinese state-linked engineering and infrastructure companies. 

These counterparties include China Civil Engineering Construction Corp (CCECC) for joint submission to bid for transportation infrastructure projects in Malaysia; CNECC Engineering (Malaysia) Sdn Bhd for a joint venture to source and bid for logistics warehouses, and mega-storage projects; CCCC Dredging Southeast Asia Sdn Bhd for the construction of the Midport Project on an engineering, procurement and construction basis; and Ocean Bridge International Ports Management Co Ltd for the operations and management of the Midport Project.

Most recently, Tanco announced the approval of its planning permission application by Port Dickson Municipal Council for the Midport Project.

Read also:
Tanco formalises land deal for Port Dickson Free Zone, sets stage for phased development

Tanco attributed the possible explanation for unusual trading activity to external news portal articles that have featured observations, commentaries and analysis about the company, its market capitalisation and the Midport Project.

The company confirmed that it is in compliance with the Main Market Listing Requirements, in particular Paragraph 9.03 on immediate disclosure obligations.

Tanco added that there are presently matters at the stage of being discussed or negotiated, and that announcements will be made at the material time once such matters become more definitive or are finalised and confirmed.

Editor's note: Filing details are sourced from Tanco Holdings Bhd's Bursa Malaysia announcements dated April 20. Background cross-referenced with The Edge Malaysia and Bernama.

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