Sunday, April 8, 2012

Silver Bird plunges on financial woes

PETALING JAYA (March 1, 2012): Silver Bird Group Bhd, the maker of High-5 bread, saw its share price plunging 49% to a new low of 20.5 sen today after it warned shareholders it was facing potential massive losses due to possible financial wrongdoings by top executives.

Silver Bird said on Wednesday the "maximum exposure" from the alleged irregularities was RM111.5 million. This is more than half of its total shareholders' equity of RM213 million as of last October.

The debacle could put some public funds under pressure to sort out the mess quickly. Key shareholders in Silver Bird include Lembaga Tabung Haji with a 23.3% stake and Koperasi Permodalan Felda Malaysia Bhd with 13.3%.


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