KUALA LUMPUR (Jan 19): Selling pressure has struck technology services provider Heitech Padu Bhd on Friday, as its share price plunged 29.9% to hit limit-down.
At 10.27am, the stock — whose opening price is RM1.05 — hit its limit down at 75 sen. The counter, which saw 2.72 million shares traded, was the fifth biggest loser in the morning session.
Last Friday (Jan 12), the stock hit its one-year high at RM1.17 sen. The last time the stock fell below 80 sen was on Nov 27 last year. Prior to hitting its limit-down, the counter had risen over 30% year-to-date.
At 75 sen, the company has a market capitalisation of RM75.92 million, down RM42.51 million from RM118.43 million last Friday.
In its third financial quarter ended Sept 30, 2023 (3QFY2023), Heitech Padu narrowed its net loss to RM1.40 million from RM3.53 million in the previous corresponding quarter.
Meanwhile, its revenue was down 11.94% year-on-year to RM63.43 million from RM72.04 million a year earlier due to lower margin.
The company's largest shareholder is Padujade Corp Sdn Bhd, a private vehicle of its former group chief executive officer Datuk Sri Mohd Hilmey Mohd Taib, with a 14.17% stake. Mohd Hilmey also holds a 3.82% direct stake in the company.
Several mid-cap and penny stock counters have been observed to hit limit-down over the past week, including Silver Ridge Holdings Bhd, Widad Group Bhd, Jentayu Sustainables Bhd, Mercury Securities Bhd and Artroniq Bhd.