KUALA LUMPUR (Oct 22): Perak Transit Bhd (KL:PTRANS) said it’s business as usual after Bursa Malaysia questioned a sharp share price drop and spike in trading activity that nearly halved its market value.
The company’s stock dropped to a more than three-year low, falling as much as 30 sen or 47.2% to close at an intraday low of 33.5 sen, valuing the company at RM403.1 million. About RM360.9 million in market capitalisation was wiped out in one day. Year to date, the stock is down 55.3%.
It was the most actively traded stock on Bursa Malaysia, with 232.73 million shares changing hands. The sharp fall also triggered a short-selling suspension for the day. Short selling will resume at 8.30am on Thursday.
By the end of the day, Bursa Malaysia issued an unusual market acitivity (UMA) query. The regulator asked the company to explain if there were any undisclosed developments or rumours behind the unusual activity.
Perak Transit said in a bourse filing that its board is not aware of any possible explanation to account for the recent trading activity.
“The board wishes to confirm that the company’s business operations remain operational as usual. The company continues to carry out its business and manage its operations in the ordinary course,” it said.
When contacted separately, executive director Datuk Cheong Peak Sooi said the company is aware of the sharp decline in its share price, but noted that the movement does not correspond to any change in its business operations or fundamentals.
“The company noted the sharp decline in its share price. We would like to emphasise that this movement in market value is not reflective of any change in the company’s operational status or business fundamentals at this time,” Peak Sooi told The Edge.
Earlier this month, Perak Transit announced a partnership with Cape EMS Bhd (KL:CEB) to develop smart infrastructure and renewable energy projects in Perak, including smart bus stops and an electric vehicle hub in Ipoh.
Perak Transit operates integrated transport terminals such as Terminal Meru Raya in Ipoh and has been expanding into property and renewable energy.
For the six-month period ended June 30, 2025, the company’s net profit was 12% higher at RM39.6 million on a revenue of RM97.5 million.
Its founder, managing director and largest shareholder, Datuk Seri Cheong Kong Fitt, has been actively trading in his shares in the company this month. He currently owns a direct 7.613% and indirect 6.581% interest in the company. Kong Fitt is Peak Sooi’s brother.