Naim shares fall on legal action against Education Ministry, Sebiro Holdings
27 Nov 2017 / 11:42 H.
PETALING JAYA: Naim Holdings Bhd’s share price fell 0.93% this morning on news of its wholly owned subsidiary Naim Engineering Sdn Bhd suing the Education Ministry.
At 10.57am, its share price fell 1 sen or 0.93% to RM1.07 with a total of 86,000 shares traded. The stock fell 5.3% to close at RM1.08 on Friday with some 245,700 shares done.
Last Friday, the company said Naim Engineering is suing the Education Ministry and Sebiro Holdings Sdn Bhd for over RM12.43 million in relation to the construction and renovation of boarding schools project in Sarawak.
Naim told Bursa Malaysia that the claims are related to the payment for work done including variation and the release of retention sum.