KUALA LUMPUR (Oct 8): Shares of Pertama Digital Bhd (KL:PERTAMA) took another dive on Tuesday to their lowest in nearly four years while the digital services company said it could not explain the latest sharp decline.
Pertama Digital fell as much as 30 sen to its limit down of 48.5 sen after closing flat on Monday. At 48.5 sen, the stock is at its lowest since March 2021 after more than three million shares changed hands. Tuesday’s decline also prompted another suspension of intraday short-selling activities.
“We don't know anything at all,” Pertama Digital executive director Sabri Ab Rahman told The Edge on Tuesday.
The stock had begun edging lower on Sept 26 before an 18% drop on Oct 2, followed by limit downs on Oct 3 and 4. The 77% decline since then has wiped out more than RM700 million from its market capitalisation.
Asked about the possibility of a margin call among major shareholders of the company, Sabri only said that “we are not involved”.
Despite the drop in its share price, Sabri assured that this has not affected the company’s operation and its business remains as usual.
Pertama Digital operates the mobile application MyPay, which consolidates e-services from Malaysian government agencies into a single digital platform. It also operates the eJamin website, which allows electronic payments for criminal court bail.
Sabri also reiterated that the company is expected to submit its regularisation plan earlier than the deadline of February 2025 and that the company is in the midst of finalising key initiatives, including the proposed acquisition of a 59% stake in Kridentia Tech Sdn Bhd that would boost its bottomline.
Pertama Digital last month announced the departure of two directors: its non-executive director Tan Sri Dr Nik Norzrul Thani Nik Hassan Thani and executive director Mohd Reza Mohd Hatta. Both said they want to pursue their own interests.
Nik Norzrul is the third-largest shareholder of Pertama Digital with an 11.44% stake. He is also the acting executive chairman of energy services firm T7 Global Bhd (KL:T7GLOBAL).
Perfect Hexagon Commodity & Investment Bank Ltd — controlled by Sim Tze Shiong — is the largest shareholder of Pertama Digital with a 22.78% stake, while Kenanga Investors Bhd holds a 22.47% stake