KUALA LUMPUR (March 7): Pertama Digital Bhd (KL:PERTAMA) on Friday said it has received a show-cause notice from Bursa Malaysia Securities over the company's failure to submit its regularisation plan by the approved deadline of Feb 9.

The bourse regulator issued the notice after rejecting the request made by Pertama last month for a further extension of time until Feb 9, 2026 to submit the regularisation plan, said the digital solutions provider in a filing.

The request was rejected as, according to the regulator, Pertama “has not demonstrated to the satisfaction of Bursa Securities any material development towards the finalisation and submission of the regularisation plan”.

Pertama has now been accorded five market days to make written representations to the regulator as to why the company’s shares should not be suspended from trading and why the company should not be delisted.

“The company intends to submit the notice to show cause to Bursa Securities on or before March 14, 2025,” said Pertama.

Pertama 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.

In January, the company appointed Lim Nasrul Halim as its chief executive officer (CEO) designate. The CEO position had been vacant for more than a year after the previous CEO, Saifullah Akhtar, left the company in October 2023, after less than a year at the helm, having previously served as director of strategy in 2021.

Pertama shares closed up half a sen or 4.76% at 11 sen on Friday, giving a market capitalisation of RM46.79 million. The counter has dropped 45% year-to-date and more than 95% over the past one year.