Shares of Malaysian property developer Tanco Holdings Berhad cratered from an all-time high of RM1.78 on June 3 to just RM0.13 by June 15 — a 92% collapse in under two weeks that erased roughly RM6 billion in market value. The four-day sell-off alone wiped almost RM6 billion from the property developer's market capitalisation. Management has insisted there are no undisclosed material developments, but the damage to shareholder confidence is severe and raises hard questions about what this company was ever worth.

  • A Decade of Losses Propped Up a RM10 Billion Valuation — That Was the Problem. Tanco emerged as the property developer with the third-highest market capitalisation on Bursa Malaysia, with its share price rally lifting its market cap close to RM10 billion and briefly propelling the company into second place.

Despite the sharp rise in market value, Tanco's earnings remain relatively modest — the group had been loss-making for a decade.

The company posted a net profit of just RM6.7 million on revenue of RM122 million for the nine months ended March 2026 — a vanishingly thin basis for a multi-billion-ringgit market cap. Even at RM0.50, the stock carried a normalized P/E ratio of 920x.

  • Insider Moves Sent the Wrong Signal at the Worst Time. The MD sold 24.63 million shares in a direct business transaction at RM1.555 per share — notably 40% above the intra-day peak of RM1.11 — pocketing RM38.3 million even as retail investors were locked in limit-down selling. The same director then disposed of another 2 million shares at RM0.507 on June 10. This pattern shattered trust precisely when management was urging calm.

  • Bursa Intervened, but Couldn't Stop the Bleeding. Bursa Malaysia suspended intraday short-selling for Tanco after the stock breached its price limit.

The exchange then froze the lower limit price at 20 sen after the counter hit its static limit-down price for two consecutive trading days. Despite these circuit breakers, the stock slipped further to RM0.13, now sitting near a technical support level of RM0.11.

  • Grand Projects Remain Mostly on Paper. Tanco announced exploration of a 50-megawatt data centre in Port Dickson with China Mobile International and touts a smart container port — but both are memorandums of understanding, not signed contracts. Fiscal year 2025 revenue actually fell 26% to RM128 million. Until real cash flows materialize, the stock's prior valuation looks like it was built almost entirely on speculation, and today's price may simply reflect gravity catching up.