In just two days, the industrialised building systems specialist has fallen 55% or 65.5 sen from its 30-month high of RM1.19 on Monday, wiping RM419.36 million off its market capitalisation.

At its closing price of 53.5 sen, SCIB is valued at RM342.53 million, down from RM761.89 million based on Monday’s close of RM1.19.

In response to Bursa Malaysia Securities’ unusual market activity (UMA) query today, SCIB said it is in talks with the Sarawak state government for the potential acquisition of 22 acres of land for the expansion of its production capacity.

In its bourse filing today, the group said its management is in the midst of discussion to consider the Sarawak land and survey department’s offer received on Jan 4.

However, it said it would be “more appropriate” to release an announcement on the matter once a decision is made.

“Save for the above, the board is not aware of any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity,” it added.

Yesterday, Bursa suspended the short selling of the group’s shares for the day after it fell as much as 27 sen to 92 sen in the morning, a 22.68% dip which by mid-day was pared to 96 sen.

SCIB posted a net profit of RM926,000 for the first quarter ended Sept 30, 2023 (Q1 FY2024) from a net loss of RM871,000 a year ago.