00:01Padini Holdings Berhad slumped to its lowest level in nearly six years after disclosing that several of its bank accounts
00:08were frozen by the Malaysian Anti-Corruption Commission.
00:11In an exchange filing on Friday, Padini said the bank accounts held by the group and its subsidiaries were frozen
00:18under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
00:25The Malaysian fashion retailer tumbled as much as $0.15 or nearly 10% to $1.40 a share at
00:33the open, its lowest level since November 2020.
00:37The stock rebounded to $1.52 before falling to $1.43 by the midday break, with 20 million shares traded,
00:46valuing the company at $1.41 billion.
00:49It has fallen 21% year-to-date and nearly 33% over the past one year.
00:55The company said the affected accounts are not actively used for its daily operations and that it continues to have
01:02access to other banking facilities.
01:05Meanwhile, MBSB Research said in a note today that the latest development is primarily a near-term sentiment risk and
01:12maintained its buy call on the stock.
01:15Han Yujong, FMT
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