KUALA LUMPUR (Oct 24): Filings with Bursa Malaysia showed that some 33.415 million shares pledged with brokers linked to Perak Transit Bhd (KL:PTRANS) founder, managing director and largest shareholder Datuk Seri Cheong Kong Fitt were sold on the day the company’s share price hit a five-year low of 28.5 sen a share.
Perak Transit’s share price hit an intraday low of 28.5 sen on Thursday (Oct 23), after the stock dropped by as much as 47.2% on Wednesday (Oct 22) to 33.5 sen — its steepest single-day drop in years.
According to the filings, 10.5 million of Cheong’s shares pledged with Kenanga Nominees (Tempatan) Sdn Bhd and 22.915 million of CBS Link Sdn Bhd's shares pledged with Amsec Nominees (Tempatan) Sdn Bhd were sold. Cheong co-owns CBS Link with his spouse Datin Seri Lim Sow Keng.
Cheong sold another 3.05 million shares on Friday (Oct 24) in the open market at undisclosed prices.
After selling shares, Cheong’s direct ownership dropped from 7.61% (91.63 million shares) to 6.485% (78.08 million shares), and his indirect ownership fell from 6.577% (79.19 million shares) to 4.674% (56.27 million shares).
In total, Cheong was linked to disposals amounting to over 40 million shares this week through both direct and indirect transactions.
The latest sales follow a string of trades by Cheong earlier in the week, when he disposed of and acquired shares on Oct 21 and 22 as the counter faced a massive sell-off that wiped out nearly RM361 million in market value.
The counter on Friday (Oct 24) recovered slightly to close 0.5 sen or 1.52% higher at 33.5 sen, giving the group a market capitalisation of RM403.4 million. Some 97.56 million shares changed hands, making it the most actively traded stock on Bursa Malaysia for the third consecutive day.
Year to date, the stock has fallen more than 55%.
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