KUALA LUMPUR (March 22): The share price of Macpie Bhd, formerly known as Sterling Progress Bhd, has had a nail-biting roller coaster ride today. 

Its share price swung in a wide price range between 50.5 sen and 85 sen today. Shortly after the opening bell, the stock rocketed to a high of 85 sen, up 29.5 sen or 53%. However, the rally soon lost its momentum and entered the negative zone in the afternoon session. 

Macpie, which recently announced an agreement concerning deployment of services to eSukan.gg — a government linked e-sports portal — closed 4.5 sen or 8.11% lower at 51 sen. 

Some 350.86 million shares changed hands, which is equivalent to about 38% of its share capital, making it the most actively traded counter on Bursa Malaysia today. 

Year to date, Macpie’s share price has risen by 117%. 

Macpie’s volatile share price has raised eyebrows. The counter slumped from 44.5 sen on March 3 to 17 sen on March 8, more than half in four trading days. However, the bull regained strength soon after. The stock rebounded to 55.5 sen last Friday, a steep climb of 226% in two trading weeks. 

The company previously was slapped with an unusual market activity (UMA) query by the local bourse after the counter hit limit up in active trade on March 19. 

Macpie then cited an agreement concerning deployment of services to eSukan.gg, a government linked e-sports portal by its target company Techninier Sdn Bhd as its response to the UMA query. 

“The company would like to inform that Techninier Sdn Bhd has signed a master service agreement concerning deployment of services to eSukan.gg, a government linked e-sports portal, which was stamped on March 17, 2021.

"The company, together with Techninier Sdn Bhd, is at various stages of discussion with several international and local enterprises for sponsorship deals concerning the eventual collaboration between the company and Techninier Sdn Bhd for eSukan.gg.

"The discussions so far are not concrete and deemed immaterial at this stage," Macpie said in a previous filing to Bursa. 

To recap, Macpie proposed an acquisition of 35% stake in mobile game platform provider Techninier on Feb 2, 2021.

According to Macpie, Techninier is renowned in the Southeast Asian region for its social and mobile gaming network platforms. It also has an experienced team handling mobile and digital content as well as game design and deployment.