Seacera shares tumble after bank-forced selling

PETALING JAYA: Seacera Group Bhd’s shares tumbled after bank-forced selling by its major directors.

The tile manufacturer and property company saw its counter lose 7.5 sen, or 32.61%, to close at 15.5 sen yesterday. It was the most actively traded counter with 120.5 million shares changing hands.

According to sources, Seacera’s three major shareholders – Zulkarnin Ariffin, Datuk Mansor Masikon and Datuk Ismail Osman – have been forced to sell down their stakes in the company on the market.

At its current price, Seacera is trading at a mere 0.08 times its net tangible asset of RM1.87 as at June 30, 2018.

Seacera slipped to a net loss of RM7.49mil, or 1.99 sen per share, for the first half ended June 30, 2018, from a net profit of RM1.48mil, or 0.60 sen per share, in the corresponding period last year.

During the period in review, the group’s revenue fell 48.5% to RM12.69mil from RM24.63mil in the previous corresponding period. It was noted that Seacera’s hidden gem is its 500-acre undeveloped asset in Semenyih, estimated to be worth more than RM700mil.

The group in April this year announced it had aborted its plan to acquire a 70% stake, or 7.74 million shares, in construction company Teras Sari Resources Sdn Bhd for RM35mil.

No explanation was given on the reason for the termination of the proposed acquisition.

Earlier in February, Seacera had announced its plan to acquire the controlling stake in Teras Sari as part of a move to expand its construction business.

Teras Sari then had just won a RM338.14mil job to upgrade the federal road from Bandar Pekan to Kampung Sungai Miang in Pekan.