Padini Shares Up Nearly 13 Pct After MACC Unfreezes Bank Accounts
KUALA LUMPUR, July 17 (Bernama) -- Padini Holdings Bhd’s shares surged 12.67 per cent in early trade on Friday after the Malaysian Anti-Corruption Commission (MACC) confirmed that all previously frozen company bank accounts have been fully unfrozen.
At 10.18 am, the counter rose 18 sen to RM1.60 with 10.85 million shares traded.
In a statement yesterday, the garment retailer said no director, officer, employee or representative of the group was arrested or charged in connection with the matter.
It also confirmed that neither the company nor its group members face forfeiture proceedings related to the investigation.
Meanwhile, CIMB Securities Sdn Bhd reiterates its “Buy” call on the counter with an unchanged target price of RM1.80. This implies a 26.8 per cent upside from its last closing price of RM1.42.
“We believe Padini could re-rate as the market has largely priced out the risk premium associated with the MACC investigation after the group confirmed that there have been no arrests, charges, or forfeiture proceedings.
“We view Padini’s valuation as undemanding, supported by its RM905 million net cash position at the end of the third quarter of 2026, and attractive dividend yields of 6.5-6.8 per cent for FY2026-2028,” it added.
-- BERNAMA