At 3.17pm, the stock inched up one sen to 35.5 sen with over 30 million shares traded.

The renewable energy (RE) firm has denied all claims in an article titled “The Mystery of Cypark Resources Bhd” which was published on various blogs and websites recently.

“We deem the irresponsible and anonymous article, which contains wrongful, inaccurate and false accusation or information, was purposely written with malicious intent to mislead investors and stakeholders,” Cypark Resources said in a filing with Bursa Malaysia on June 29, 2022.

The company said its fundamentals and all the contractual rights under all its concession agreements remain solid and valid.

Meanwhile, Maybank Investment Bank (IB) said despite Cypark’s second quarter net profit being below expectation due to cost escalation resulting from the pandemic, it expects the acceleration of road upgrading works along Jalan Dutamas 2, from a RM74.3 million contract, to partly support earnings growth in the second half of the year.

Maybank IB also expects a more robust financial outlook for the company, upon completion of its large-scale solar 2 (LSS2), LSS3 and waste-to-energy (WTE) projects in financial year 2022.

The research firm is keeping its sum-of-parts-based target price of RM1.01 and a “buy” recommendation for Cypark Resources.