KUALA LUMPUR: Pertama Digital Bhd says it is unaware of the reasons behind the dip in its stock prices, but assures stakeholders that it remains strong and well-positioned for sustainable growth.
Pertama Digital reached limit down during morning trading, plunging to its lowest level in two years.
It fell by 30 per cent or 48 sen, bringing the price down to RM1.12.
In response to the more than 15 per cent decline from the reference price, Bursa Malaysia suspended Pertama Digital's intraday short selling for the rest of the day.
The company said it had reversed its previous quarter's negative results, with new product lines making a marked contribution to performance.
Executive director Sabri Ab Rahman said Pertama Digital is proud to have moved into a positive trajectory, driven by its team's hard work and the growing impact of its innovative digital offerings.
"We've also completed a strategic cost-cutting exercise and streamlined our operations to ensure healthy cash flow.
"Today, we are operating more efficiently and are well-positioned to deliver sustainable growth without the need for external funding," he said in a statement.
Meanwhile, Pertama Digital said it has received an extension of time (EOT) from Bursa to submit its regularisation plan by the first week of February 2025.
The extension allows the company to finalise several key initiatives, including the proposed acquisition of a controlling stake in Kridentia Tech Sdn Bhd (KT).
"This acquisition is pivotal for our growth projections for 2025. KT's proven track record and capabilities align seamlessly with our vision, and we are eager to finalise this deal as part of our broader regularisation plan.
"We expect to submit the full plan before the end of this year, well ahead of the extended deadline," Sabri said.
Sabri has taken the helm as executive director, working closely with Joshua Smith, the chief executive officer of Dapat Vista who played a pivotal role in developing the MVP for eJamin, the company's flagship digital bail payment solution, which was launched in 2020.
Reflecting on leadership developments, Sabri noted that the company's leadership team is stronger than ever.
He said recent changes at the board, including Mohd Reza Mohd Hatta's departure before his confirmation period to pursue a lucrative opportunity, were part of a strategic move to align its leadership with Pertama Digital's evolving needs.
"We continue to drive forward with a dedicated core team, including Joshua Smith and our board, ensuring strategic continuity and positioning the company for future growth," he said.