Daim-linked Avillion shares rise to six-month high on assuring business as usual

• Prior to Avillion’s assurances, the group’s shares fell one sen or 16.67% to close at five sen on Tuesday, valuing it at RM51.94 million.

KUALA LUMPUR (Jan 31): Avillion Bhd shares rose to a six-month high of seven sen in Wednesday morning trade, after the integrated travel, hotel and property group assured that it is business as usual for the company despite being listed as one of the assets former finance minister Tun Daim Zainuddin failed to declare to the Malaysian Anti-Corruption Commission (MACC).

The stock was up two sen or 40% from its closing price of five on Tuesday (Jan 30), giving it a market capitalisation of RM79.33 million. About 16.97 million shares changed hands or over six times higher than its 200-day trading volume average of 2.20 million.

Prior to Avillion’s assurances, the group’s shares fell one sen or 16.67% to close at five sen on Tuesday, valuing it at RM51.94 million.

Over the past year year, the counter has fallen by 44.4% from nine sen on Jan 30, 2023. Looking further back, it has declined from a peak of 78.5 sen in 2011, touching as low as three sen in March 2020.

“Avillion is a public company listed on Bursa Malaysia. Avillion and its subsidiaries are governed by and in compliance with Bursa Malaysia’s Listing Requirements, Rules and Guidelines. The group has been operating and will continue to operate as a public company. As such, the group will be operating its business as usual,” Avillion said in a bourse filing on Tuesday.

On Monday (Jan 29), Avillion and 23 of its subsidiaries were listed among the 71 assets listed in the MACC’s charge sheet in charging Daim for failing to declare his assets to the anti-corruption body.

The former finance minister pleaded not guilty before Sessions Court judge Azura Alwi to one charge under Section 36(2) of the MACC Act 2009, concerning an offence pertaining to disclosure of assets.

Daim’s son Datuk Md Wira Dani Abdul Daim is Avillion’s largest shareholder, with a 21.82% stake via Ibu Kota Developments Sdn Bhd and Daza Holdings Sdn Bhd.

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