KUALA LUMPUR (Oct 4): Pertama Digital Bhd (KL:PERTAMA) hit its limit down again during the early trading session on Friday, with the stock plunging below the RM1 mark, reaching its lowest level since April 2022.
Shares of Pertama Digital dropped 33.5 sen, or 30%, to 78.5 sen, with 903,800 shares changing hands by the midday break, making it the second-largest loser on the local stock market for the day.
The continuous sell-off since Sept 26, when the counter traded at RM2.10, has wiped out some RM571 million from Pertama Digital's market value in just one week. At 78.5 sen, the company is valued at RM344 million.
Intraday short-selling of Pertama Digital shares has been suspended for three consecutive days by Bursa Malaysia and will only resume on Monday (Oct 7).
In response to Bursa Malaysia's unusual market activity (UMA) query on Thursday, Pertama Digital said it was unaware of the reasons for the recent decline in its stock price.
Its executive director Sabri Ab Rahman reaffirmed that the company remains strong and well-positioned for sustainable growth after a strategic cost-cutting exercise and streamlined operations to ensure healthy cash flow.
Pertama Digital operates the MyPay mobile application, which consolidates e-services from Malaysian government agencies into a single digital platform. It also operates the eJamin website, which facilitates electronic payments for criminal court bail.
In July, the company secured a contract to provide public online digital identity onboarding services through MyDigital ID.
Perfect Hexagon Commodity & Investment Bank Ltd, controlled by Sim Tze Shiong, is the largest shareholder of Pertama Digital with a 22.78% stake. Sabri Ab Rahman holds a 10% stake through MyPay Capital Sdn Bhd and holds another direct stake of 2.33%.