NexG Bhd plummeted 31% today after investors give the thumbs down to its acquisition of a minority stake in Classita Holdings Bhd, an undergarments manufacturer seeking to reinvent itself as a property developer.
Formerly known as Datasonic Group Bhd, the stock tumbled as much 31.5% or 17 sen to its intraday low of 37 sen. This was its steepest fall in a single day since October 2018.
The counter ended the day a half-sen higher at 37.5 sen, down 29.9%, valuing the security-based ICT solutions provider at RM1.24 billion.
Bursa Malaysia also suspended short selling of the counter for the day. It was the most actively traded stock on the bourse with 188 million shares changing hands.
NexG announced last Friday it had acquired a 32.61% equity stake and another 414.31 million warrants in Classita for a total of RM76.78 million cash. If…