MGRC shares gain as boardroom sees changes

By SHAFIQQUL ALIFF / pic credit: ANNUAL REPORT

MALAYSIAN Genomics Resource Centre Bhd’s (MGRC) share price continues to attract trading interest with the shares rising nine sen or 8.5% to RM1.15 yesterday.

The rise in MGRC’s share price comes with changes in its boardroom.

The company appointed 22-year old Noor Azri Noor Azerai as a non-executive independent director after the resignation of directors Dr Khoo Boo Boon, 54, and Wong Yen Sen, 74, last week due to personal commitments.

Noor Azri is also a board member at NWP Holdings Bhd, Serba Dinamik Holdings Bhd and Bintai Kinden Corp Bhd where is also the deputy CEO.

“MGRC is experiencing a bear market rebound. The share price movement is sealing the gap that was created by the recent sell-off. Now we have to see if it can sustain the gains and test the RM1.40 level or go lower,” said a technical analyst with a local brokerage.

MGRC’s share price is retracing some of its losses experienced in December after MGRC share fell from a high of RM2.64 on Dec 1 to a low of 61 sen on Dec 10, its lowest level in 12 months after hitting limit downs for consecutive trading days.

Bursa Malaysia issued an unusual market activity (UMA) question on Dec 6 in response to the significant drop in the price of the group’s shares.

MGRC, on the other hand, stated that it was unaware of any corporate developments that could account for the UMA, as well as any corporate development, rumour, report or explanation that could have accounted for the trading activity.

Pixelvest Sdn Bhd, a substantial shareholder, purchased a total of 630,00 shares in MRGC from Dec 1 to Dec 16, 2021, from the open market to raise its stake to 8.19% or 10.2 million shares.

The company has six months to submit a regularisation plan failing which it faces the threat of suspension and delisting.