Ann Joo, Southern Steel halt trading for corporate news

KUALA LUMPUR: Trading in the shares of loss making steel makers ANN JOO RESOURCES BHD and SOUTHERN STEEL BHD was voluntarily suspended since 9am on Monday.

Both steel companies said Bursa Malaysia Securities had approved their request for the suspension pending the release of a material announcement.

While Ann Joo said the request for the suspension was from 9am, Southern Steel said the trading halt was until 12.30pm.

Southern Steel posted net losses of RM34.85mil in the fourth quarter ended June 30, 2018 compared with net profit of RM35.20mil a year ago.

For FY ended June 30, 2019, it posted net losses of RM119.05mil compared with net profit of RM210.85mil in FY19.

As for Ann Joo, in the second quarter ended June 30, 2019, it posted net losses of RM37.75mil compared with net profit of RM20.70mil a year ago.

In the first half, it registered net losses of RM44.35mil compared with net profit of RM82.14mil in the previous corresponding period.

Source: TheStar