KUALA LUMPUR: Investors continued to dump their Toyo Ventures Holdings Bhd’s shares, making the stock price fall almost 18 per cent during trade after it confirmed the termination of its Song Hau 2 power plant project by the Vietnamese government.
The stock opened 6.6 per cent lower at 99 sen from its closing price of RM1.06 on Thursday.
In a filing with Bursa Malaysia Securities on Thursday, the company said its wholly-owned subsidiary, Song Hau 2 Power Company Limited, received a letter regarding the termination of contract from Vietnam’s Ministry of Industry and Trade (MOIT) on July 1, 2024.
The MOIT notified the company that the ministry’s notice of intention to terminate had expired and there was no remedy on the financial arrangement done by the company for the thermal power project.
This led to the termination of the build-operate-transfer contract for the project by MOIT.
The stock last traded at 89.5 sen with a market capitalisation of RM118.28 million as at 10.30am.
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