KUALA LUMPUR (April 2): T7 Global Bhd’s (KL:T7GLOBAL) shares dived on Wednesday, prompting a suspension of intraday short-selling after the oil and gas services firm announced the departure of its executive deputy chairman.

Trading in T7 Global’s shares was halted for an hour following the announcement.

The stock dropped as much as 18.5 sen, or 37%, to 31.5 sen during the day — its lowest level in 28 months. It was last trading around this level in October 2022. 

Intraday short-selling is suspended when the last price of approved securities falls below the daily limit, which is set at 15% for stocks above RM1 and 15 sen for counters under RM1.

By market close, T7 Global settled at 32 sen, down 18 sen or 36%, with over 56 million shares traded. At this price, the company was valued at RM326.7 million. The heavy sell-off wiped out RM165.6 million in market capitalisation in a single day.

Year-to-date, the stock has declined nearly 28%.

Over the Hari Raya break, T7 Global announced that its executive deputy chairman Tan Sri Tan Kean Soon was stepping down from his position after more than 10 years, effective March 31, citing "personal reasons".

According to the company's latest disclosure, the 60-year-old owns a direct stake of 8.215% and an indirect stake of 4.812% in T7 Global.

Two of Tan's sons currently hold positions in the company — Kay Vin as an executive director and Kay Zhuin as the group chief executive officer.

In the statement, the group said Tan Sri Nik Norzrul Thani N Hassan Thani, the group's executive chairman and largest shareholder, will continue to lead the company.

“The board and management team have effectively overseen the group’s operations, ensuring business continuity with minimal disruption, while maintaining a focus on delivering value to stakeholders,” T7 Global said.

The company also reaffirmed its commitment to upholding a "disciplined approach" that has served it well, while focusing on sustainable growth.

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