KUALA LUMPUR (Aug 28): HeiTech Padu Bhd (KL:HTPADU) whose share price tumbled to a 30-month low on Friday, said it is unaware of any reason behind the sharp decline after the stock exchange regulator issued an unusual market activity (UMA) query.
In a bourse filing, the technology and IT services provider said it was not aware of any corporate development relating to its business and affairs that had not been previously announced that could account for the unusual trading activity, including matters that were still under negotiation or discussion.
It also said it was not aware of any rumour or report concerning its business and affairs that could explain the trading activity, or of any other possible explanation for the sharp movement in its share price.
The group added that it was in compliance with the Bursa Malaysia Securities Listing Requirements, particularly Paragraph 9.03 on immediate disclosure obligations.
HeiTech Padu shares fell as much as 42.86%, or 37.5 sen, to 87.5 sen on Friday, their lowest level since February 2024. The counter subsequently pared some of its losses to close at RM1.08, down 17 sen or 13.6%, giving the group a market capitalisation of RM176.02 million.
Year to date, the stock has fallen more than 36%.
Shares of Zetrix AI Bhd (KL:ZETRIX), which indirectly owns a 16.9% stake in HeiTech Padu, also fell as much as 30% to 87.5 sen in heavy trading on Friday. The company said it has no links to former human resources minister Datuk Seri M Saravanan, who faces three corruption charges, and suggested that unfounded rumours linking Zetrix to the case may have contributed to the sell-off.
The sharp decline in Heitech Padu's aher price also came a day after it reported a 99% plunge in second-quarter net profit, weighed down by higher project implementation costs and a sharp increase in hardware and software purchases.
Net profit for the second quarter ended June 30, 2026 (2QFY2026) fell to RM70,000 from RM8.09 million a year earlier, despite revenue nearly doubling 95% to RM165.68 million from RM84.9 million.
Project implementation costs more than doubled to RM25.55 million from RM12 million, while purchases of hardware and software surged 257% to RM83.81 million from RM23.46 million.