SC investigating the sell out of Sanichi and DVM over short period

The Securities Commission is investigating on these matters.

DVM Technology Bhd, another loss-making company, Christian Kwok-Leun Yau Heilesen and Raymond Yip Wai Man announced last week that they were no longer substantial shareholders of the company. DVM's stock reached a six-year high, closing at 25 sen on Aug 2 but it had slumped 50% to 13 sen as at yesterday.

In Sanichi's case, its stock hit limit-up on Aug 2, gaining 66% to 7.5 sen on exceptionally heavy trading volume. A day later, it was reported that Datuk Md Wira Dani Abdul Daim, son of former finance minister Tun Daim Zainuddin, was a new substantial shareholder of the design and fabrication of precision mould and tooling firm, with 10 million shares or 6.1% in the loss-making firm.

On the same day, Sanichi shares surged to 9.5 sen before hitting 10.5 sen the following day.

On Aug 5, filings with the stock exchange showed that Wira Dani had sold all his shares at an undisclosed price. Sanichi shares had since dropped to 6 sen as at yesterday.

Via The Star

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