KUALA LUMPUR: Pertama Digital Bhd (PDB) is unaware of the reasons behind the recent dip in its stock prices, but assures stakeholders that it remains strong and well-positioned for sustainable growth, according to executive director Sabri Ab Rahman.
The digital services provider hit limit down in morning trade and plunged to its lowest level in two years. It tumbled 30%, or 48 sen to RM1.12.
Bursa Malaysia has suspended intraday short selling in the security for the remainder of the day given the more than 15% decline from the reference price.
PDB noted that in recent months, the company successfully reversed its previous quarter’s negative results, with new product lines making a marked contribution to performance.
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“We are proud to have moved into a positive trajectory, driven by our team’s hard work and the growing impact of our innovative digital offerings. We’ve also completed a strategic cost-cutting exercise and streamlined our operations to ensure healthy cash flow,” Sabri said in a statement.
“Today, PDB is operating more efficiently and is well-positioned to deliver sustainable growth without the need for external funding.”
PDB has received an extension of time (EOT) from Bursa Malaysia to submit its regularisation plan by the first week of February 2025.
It said the extension allows PDB 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 PDB’s vision, and we’re eager to finalise this deal as part of our broader regularisation plan,” Sabri explained.
“We expect to submit the full plan before the end of this year, well ahead of the extended deadline.”
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PDB had announced on Sept 27, 2024, that non-independent and non-executive director Tan Sri Nik Norzrul Thani Nik Hassan Thani had resigned from the board.
Norzrul is a major shareholder of the company with an 11.44% stake. He also serves as the acting executive chairman of T7 Global Bhd
.
Earlier this week, it was announced that acting CEO Mohd Reza Mohd Hatta had also left the company.
As PDB moves forward, Sabri has become executive director and is working closely with Dapat Vista chief executive officer, Joshua Smith, who was key in creating the MVP for eJamin, the company’s main digital bail payment solution launched in 2020.
“Our leadership team is stronger than ever. Recent changes at the board, including Mohd Reza’s departure before his confirmation period to pursue a lucrative opportunity, were part of a strategic move to align our leadership with PDB’s evolving needs.
“We continue to drive forward with a dedicated core team, including Joshua and our board, ensuring strategic continuity and positioning the company for future growth,” Sabri said.
