KUALA LUMPUR (Feb 7): Stone Master Corp Bhd deputy managing director Datin Chan Chui Mei failed in her application to strike out the Securities Commission's (SC) claims against her for allegedly causing wrongful loss to the company. In addition, the SC is also seeking a civil penalty of RM1 million against Chan. Despite facing the charges, Chan remains as Stone Master's deputy managing director. On Dec 6 last year, Stone Master entered practice note 17 status after its shareholders’ equity dropped to RM3.44 million, well below 50% of its issued and paid up capital of RM22.48 million. As at 5pm, shares of Stone Master lost 4.55% or 0.5 sen to close at 10.5 sen, giving it a market value of RM9.44 million.

Source: The Edge Markets February 07, 2017 12:22 UTC