YKGI tumbles 19% in early trade

Posted on 24 April 2018

Source: The Star Online

Flat steel products' manufacturer, YKGI Holdings Bhd plunged over 20% in early trade on Monday.

The counter plunged 20.78%, or eight sen to 30.5 sen with over 5.12 million shares traded. Year-to-date, the counter has gained some 43%.

In the latest news, the company’s chief financial officer Tan Ching Pding has disposed a total of 25,000 shares of YKGI, or 0.007% for 41 sen each in the open market.

Last month, the company was reported to be in talks to sell its manufacturing plant in Klang.

It is understood that two companies may be eyeing the plant and are in the process of doing due diligence and negotiating a deal.

YKGI’s annual report indicates that the company had about 25 acres of land and buildings in Kapar, Klang, with a net book value of RM83.18mil as at end-2014.

According to the annual report, the Klang land houses a manufacturing plant that processes hot rolled coils into hot rolled pickled and oiled coils, cold rolled coils, galvanised coils and colour-coated coil, among others. 

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