Shares in Malaysian environmental engineering minnow Bion plunged more than 50% this morning. The share sell-off is connected with delays to its audited 2020 results, a casualty of COVID-19 restrictions and a Malaysian Movement Control Order.
This order saw Bion close down construction activities across project sites – supplies, materials and equipment were not transportable or obtainable.
It’s not known when the audited numbers will be released. Although Malaysia has seen some pandemic lockdown easing much interstate travel is limited.
Contracts still positive – Bion
Bion said this morning it has been successful in securing a number of engineering, procurement, construction and commissioning contracts, "primarily in the second half of the year when restrictions were eased”.
It reiterated it still expected to report revenues for 2020 of at least RM100m (2019: RM24.06m), though subject to audit.
Bion shares were valued at 2.00p at 11.30am.