KUALA LUMPUR: AppAsia Bhd shares were shaken yesterday on reports that its new substantial shareholder Permodalan Mara Bhd (PMB) had sold some shares.
From the word go, the stock was in the red before closing 4.5 sen lower to 80 sen, while the warrants which had been literally on fire retreated six sen to 65 sen.
At the close of trading, PMB announced that it had in actual fact increased, albeit marginally, its stake in AppAsia to 6.3 per cent or 23.29 million shares.
"The selling was over done. Now it's game on, as our intentions are to turn the company into a Bumiputra entity," said a source advising PMB, a state-owned investment arm.
More buying are expected as many are banking on AppAsia being the first local financial service fintech company to break into the global market.
Already it has the second largest global market share in the electronic bank confirmation platform for auditors in collaboration with the Malaysian Institute of Accountants.
The deal is estimated to push AppAsia's profit by more than 20 times, enough legs to carry the company into the main board of Bursa Malaysia, within the next 36 months.