Cahya Mata Sarawak Bhd (CMS) saw its trading volume rise to its highest level in two months amid sales that pushed its counter prices down after the company suspended its chief financial officer (CF0) following allegations of breach of trust.
At 11.06am, the company's shares declined by 18.23% to RM1.66, bringing its market capitalization to RM1.78 billion.
Its trading volume also rose to a two -month high of 38.61 million shares, exceeding its 200 -day average of 3.86 million.
On February 24, the stock was down 32.2% from RM2.45.
Yesterday, the company announced the suspension of its CFO, Syed Hizam Alsagoff for 30 days immediately.
On April 22, CMS deputy chairman Datuk Seri Mahmud Abu Bekir Taib said he would retire from all positions in the company after the company launched an investigation into allegations of conflict of interest involving him and former CMS chief information officer Karl Vink @ Khalid. Abdullah |
CMS has lodged a report with the authorities regarding the allegations.
The allegations were received through the company's whistleblower channel.
