KUALA LUMPUR (Sept 27): ACE Market-listed financial technology (fintech) solution provider TFP Solutions Bhd, whose share price trended upwards in the last two months but experienced a sharp fall recently, has been slapped with an unusual market activity (UMA) query by Bursa Malaysia.
At 4pm on Monday, the counter was trading 4.55% or half a sen higher at 11.5 sen, with some 40.16 million shares done.
However, the loss-making company's share price, which climbed 10 sen or 81% from early July to as high as 23.5 sen on Sept 7, had pared more than the gains it made since after dropping 12 sen or 51%.
In a bourse filing, Bursa requested that the company disclose any corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons, that may account for the UMA.
The regulator also asked whether the group is in compliance with the Bursa Securities Listing Requirements (LR), in particular Paragraph 9.03 of the Bursa Securities LR on immediate disclosure obligations.
TFP Solutions incurred a net loss of RM976,000 in its latest financial quarter ended March 31, 2021 (1QFY21), wider than the net loss of RM657,000 it reported for 1QFY20, as revenue fell 77.5% to RM3.11 million from RM13.83 million on lower quantity of mobile airtime reload ordered by a major customer.
The company has been loss-making since FY16.