KUALA LUMPUR (Sept 1): Bus operator Gets Global Bhd, which has been among Bursa Malaysia’s most actively-traded stocks since last week, remained on investors radar today following its announcement of a new substantial shareholder, with wild fluctuations in its share price.

The stock, which closed at 69.5 sen last Friday, sank by as much as 16% or 11 sen to 58.5 sen not long after market opening, before surging near 34% to 93 sen.

At market close today, the penny stock has pared most of the gains it made to settle at 74 sen, still up 6.74 or 4.5% from last Friday's close, after a total of 92.41 million shares were done — which is more than two-thirds the group’s issued share capital of about 126 million shares.

The stock’s value has more than tripled from its closing price of 23.5 sen a week ago on Aug 25. Year to date, the loss-making company's share price has jumped 362.5% from 16 sen.

The financially-struggling firm, which recently witnessed a change in its major shareholder, hit limit-up at 53.5 sen last Wednesday (Aug 26), as trading volume jumped to 146.26 million, versus its 200-day average of 2.69 million. The sudden jump in activity prompted Bursa Securities to issue Gets Global an unusual market activity query that same day.

In response, the express bus operator, in a bourse filing, said a new substantial shareholder, former Gunung Capital Bhd director Teong Lian Aik, has emerged in the company with a 31.87% stake in Gets Global. It also said Teong, together with its management and auditors, has been discussing options, including a possible fund raising exercise, to ease the group’s financial difficulties.

Gets Global’s net loss widened to RM15.3 million for the fourth quarter ended June 30, 2020, from RM3.9 million a year earlier, due to lower revenue and provision for impairment of properties, plants and equipment, and written down inventories and receivables totalling to RM15 million.

Quarterly revenue shrank to RM4.3 million from RM13.24 million, on the back of lower revenue recorded from its express and city bus service, which was impacted by the suspension of operation due to the Movement Control Order imposed by the government.

For the full year ended June 30, the group’s net loss widened to RM18.36 million from RM9.67 million, as revenue fell to RM22.16 million versus RM32.55 million.

Edited by Tan Choe Choe