Daya Material is a PN17 company which has defaulted its debts repayment. It is yet to submit its regularisation plan to Bursa Malaysia after countless delays.
As an Oil &Gas company, massive drop in crude oil price definitely doesn't help. Now its share price is at rock bottom 0.5sen for quite some time already. It looks like a stock in the queue of being delisted.
However, there was a strange Bursa announcement by Daya yesterday.
Daya's independent non-executive director, who was once the head of group finance (finance department) of AmBank Group from 1992-2013, acquired 1 million Daya's shares via open market.
This acquisition was done exactly one month ago on 3/6/20 but only announced today. Why?
One million shares seem to be a lot but it's just RM5,000, perhaps a peanut for a listed company director's.
Why did he still acquire shares in an ailing company which has risk of being delisted?
As an "insider" of the company, if he is confident in its turnaround, why did he buy only RM5,000 worth of shares?
Anyway, Daya still has a mission to become one of the top 5 O&G players in the domestic market by 2025, according to its nicely designed official website.
Hopefully I can hear good news from Daya, hopefully the salted fish can come alive.
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