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Nikkei Markets

MARKET BUZZ: Malaysia's Naim Indah At 5-Year Low On Bookcoin Probe

By Chong Sin Hao
Nikkei Markets
KUALA LUMPUR (Aug 14) -- Naim Indah Corporation fell 8.3% to MYR0.055, lowest since Feb. 2012, following probe on an investment scheme Bookcoin, suspected ponzi-scheme. Naim Indah's single-largest shareholder and managing director Siaw Swee Hin, is reportedly the founder and chief executive of Bookcoin. "Company is known to be linked to Bookcoin, hence there's a lot of panic selling by retailers," says dealer at local brokerage. Adds, "as the managing director continues to dispose his stake in the company, coupled with an unhealthy balance sheet, we expect selling pressure will remain in near term." Shares shed 26.7% since management was called for investigation on Aug. 3. Company officials couldn't be immediately reached for comment.
- By Chong Sin Hao;; +60320267363
- Edited By Lopamudra Bhattacharya
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- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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