HK Stock Market Move | RIMBACO (01953) falls more than 24%, after a cumulative increase of 160% in the stock price in less than a month.

RIMBACO (01953) fell by over 24%, with a plunge of 30% on the resumption day on April 27, followed by a significant increase in stock price. From April 28 to May 19, the stock price has accumulated a rise of over 260%. As of the time of writing, it dropped by 24.24%, closing at 1.25 Hong Kong dollars with a turnover of 84.30 million Hong Kong dollars. On the news front, on the evening of May 19, RIMBACO announced that it is expected to achieve a comprehensive profit of approximately 15.8 million Malaysian ringgit for the six months ending April 30, 2026, compared to approximately 3.2 million Malaysian ringgit for the same period in 2025. The increase in profit for the period was mainly due to the completion of a high-profit margin express lane project during the period. Furthermore, on the evening of April 24, RIMBACO announced that the offeror, Aureole Halo Limited, will purchase 945 million shares from the sellers, accounting for 75% of the total issued share capital, at a total cash consideration of 157.5 million Hong Kong dollars. Following the completion, the offeror will hold 75% of the total issued share capital, and as a result, will be required to make a mandatory unconditional cash offer for all the issued shares at a cash offer price of 0.167 Hong Kong dollars per share, representing a discount of approximately 74.3% from the closing price of 0.65 Hong Kong dollars per share on April 10.