Magna Prima extends losses for second straight day after UMA reply

• Magna Prima saw its share price jump to a three-year high of 76 sen last Thursday before declining on Friday. The share price and volume jump led Bursa to issue the UMA query, to which Magna Prima responded on Friday by saying it was in the “final stage of negotiations for the monetisation of one of its land bank”.

KUALA LUMPUR (Jan 15): Magna Prima Bhd extended its losses for a second consecutive trading day on Monday, after it was slapped with an unusual market activity (UMA) query by Bursa Securities last week.

While Magna Prima initially rose 3% or two sen to 68.5 sen in the morning, the counter reversed to a loss position as selling pressure kicked in.

This dragged its share price down by as much as six sen or 9.02% to 60.5 sen, before paring some losses to end the day at 62.5 sen, a net decline of four sen or 6.02% from the previous close, giving the group a market capitalisation of RM251 million.

The stock is still up 52% year to date.

Magna Prima, famed for being the landowner of the former Lai Meng School in the Kuala Lumpur city centre, saw its share price jump to a three-year high of 76 sen last Thursday before declining on Friday.

The share price and volume jump led Bursa to issue the UMA query, to which Magna Prima responded on Friday by saying it was in the “final stage of negotiations for the monetisation of one of its land bank”.

It added that the company and its subsidiaries have been continuously on the lookout for opportunities to strengthen its financial position.

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