KUALA LUMPUR: Jentayu Sustainable Bhd's share price jumped 31.19 per cent, to a high of 71.5 sen after the company issued a note to reassure investors that the recent sell-off in its shares did not reflect the company's fundamentals.
As at 9.40am, JSB's share price was up 31.19 per cent, or 17 sen, to 71.5 sen a share. It was the seventh mostly actively traded counter today.
Last week alone, the company lost 61 per cent of its share value.
"We are firm in our belief that these price fluctuations are short term in nature, and are not reflective of the company's true fundamentals," it said in a statement yesterday.
JSB said it is well on its way to achieve its target for sustainable financial performance with the injection of the run-of-river hydropower plant Telekosang Hydro into Jentayu poised to be completed by second quarter of 2024.
The Telekosang Hydro was fully commissioned in December 2023.
JSB is also on track o execute the Power Purchase Agreement (PPA) for its RM 2.8 billion, 170 megawatt (MW) run-of-river hydropower plant Project Oriole by mid 2024.
JSB said it had an encouraging meeting with Sabah power industry regulatory authority, Energy Commission of Sabah (ECOS), bringing it yet another step closer to signing its PPA for Project Oriole.
"These developments put Jentayu in a much better financial and commercial position than ever, and we are very optimistic going into 2024 as years of hard work are set to bear fruit in the first half of this year," JSB said in its filing with Bursa Malaysia Securities yesterday.