Hengyuan Refining securities suspended after shares plunge more than 24%

HENGYUAN Refining Co Bhd’s shares plunged 98 sen to RM3.57 in today’s morning trade following massive losses reported the day before.

Its last traded price today was a 52-week low and a 21.54% drop compared to its closing of RM4.55 yesterday.

Hengyuan Refining’s share price fell more than 24% to an intraday low of RM3.45 in this morning trade prompting the stock exchange to suspend the securities today.

Bursa Malaysia Securities Bhd announced that the suspension is due to the last done price of the approved securities dropping more than 15% from the reference price.

The proprietary day trading (PDT) and intraday short selling (IDSS) have been suspended for the rest of today, the stock exchange said.

The short selling under PDT and IDSS will only be activated the following trading day, on Thursday, Dec 1, 2022, at 8.30am.

The company based in Port Dickson, Negri Sembilan, posted a massive net loss of RM640.48 million for the third quarter ended Sept 30, 2022 (3Q22), attributed to adverse refining margin.

It was more than 118 times the RM54.04 million net loss in the same quarter the year before, according to its exchange filing yesterday.

The company said the loss was attributable to adverse refining margin compared to a more favourable refining margin during 3Q21. — TMR / pic source Hengyuan Refining’s LinkedIn