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KUALA LUMPUR (June 11): Tanco Holdings Bhd (KL:TANCO) tumbled on Thursday in the steepest one-day decline since the property developer’s listing 39 years ago.
The stock plunged 60%, or the maximum 30 sen decline allowed in a single day for a counter below RM1, within the first 30 minutes of trading that also marked its fourth consecutive limit-down. Tanco ended at the day’s floor of 20 sen after more than 233 million shares changed hands.
Tanco’s managing director Datuk Seri Andrew Tan Jun Suan has yet to respond to The Edge’s request for comment on Thursday. The Edge had also reached out to Tan on Wednesday.
Thursday's sharp drop again triggered an automatic suspension of intraday short selling, which occurs when a stock falls by more than 15% or 15 sen from the previous day's closing price.
Intraday short selling in Tanco shares will be allowed to resume on Friday at 8.30am.
Shares of Tanco have jumped more than 600% since 2024 in a rally that sent their value to over RM10 billion at its peak on June 3. Based on the last price, Tanco's market capitalisation has shrunk to just about RM1.22 billion.
Tan has been trading the company’s shares over the past few days amid the selling frenzy, according to exchange filings.
He purchased 15.27 million shares at RM1.05 via a direct business transaction married deal — where buyer and seller are known to each other — and sold two million shares in the open market at 50.7 sen, all on June 10.
On June 9, Tanco announced its entry into data centre development via a memorandum of understanding with China Mobile International Ltd to explore the development of a 50MW facility in Port Dickson, Negeri Sembilan.
Tanco also disclosed Tan sold 24.63 million shares at RM1.555 via a direct business transaction earlier on the same day. Meanwhile, his younger brother Edwin Tan Kium Suan acquired 7.64 million shares at Tuesday’s low of 78.5 sen.
Tanco has been asked twice this year by Bursa Malaysia to explain the unusual market activity in its shares. On June 8, the company replied that there were “endeavours at the stage of being discussed or negotiated” though the matter was not ready to be announced.
The company also drew the attention of the exchange on April 20 following an unusual price surge, though the company attributed it to news reports on a proposed container port project in Port Dickson and denied any undisclosed corporate developments.
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