Stock Today: SunCon Dives Over 13% As EPF Ceases To Be Substantial Shareholder
Sunway Construction Group Bhd (SunCon) saw its share price tumble by 13.38% to RM5.18 as of 12.30 pm today, following a major sell-off that saw the Employees Provident Fund (EPF) cease to be a substantial shareholder in the company.
The counter, which opened at RM5.84, plunged as low as RM4.93 before recovering slightly by midday. Over 65 million shares changed hands, making it one of the most actively traded stocks on Bursa Malaysia.
SunCon’s sharp decline came on the back of the EPF disposing of 20 million shares via Citigroup Nominees (Tempatan) Sdn Bhd, bringing its stake below the 5% threshold to 4.27%, effectively removing its status as a substantial shareholder.
Despite the fall, the stock has been buoyed in recent months by major contract wins, including an RM260 million data centre project and an RM1.16 billion job to deliver general contractor services for two additional data centres.
Under Bursa Malaysia’s Intraday Short Selling (IDSS) rules, the stock remains under close watch, although it has yet to trigger the 15% threshold that would suspend further short-selling activity.
The steep correction may present an opportunity for investors still bullish on SunCon’s construction pipeline, but the exit of a key institutional investor has rattled market sentiment in the near term.
