MyEG, Datasonic shares nosedive as both implicated in Zahid corruption case

Bursa Malaysia has suspended the proprietary day trading (PDT) and intraday short selling (IDSS) for Datasonic Group Bhd and My EG Services Bhd (MyEG).

In a filing today, Bursa said the suspension came after the last done price of these stocks dropped more than 15 sen or 15% from the reference price.

Earlier today, it was reported that both companies have been implicated in the charges against former deputy prime minister Datuk Seri Ahmad Zahid Hamidi.

KUALA LUMPUR: Bursa Malaysia has suspended the proprietary day trading (PDT) and intraday short selling (IDSS) for Datasonic Group Bhd and My EG Services Berhad (MyEG).

In a filing today, Bursa said the suspension came after the last done price of these stocks dropped more than 15 sen or 15% from the reference price.

Hence, the stock exchange said PDT and IDSS activities for these counters will only be enabled next Monday (Oct 22).

At market break, MyEG fell 37 sen or 24.67% to RM1.13, giving it a market capitalisation of RM5.22 billion. It was the second most actively traded counter, with 97.77 million shares done.

The counter reached its 30% limit down of RM1.05 earlier today, before paring losses.

Datasonic, on the other hand, was the fourth most actively traded counter, with 41.45 million shares traded.

The group’s share price fell 25.5 sen or 36.69% to 44 sen, giving it a market capitalisation of RM938.25 million.

The counter also touched its limit-down level of 39.5 sen earlier today, before regaining lost ground.

Earlier today, it was reported that both companies have been implicated in the charges against former deputy prime minister Datuk Seri Ahmad Zahid Hamidi.

Zahid, during his tenure as home minister, had allegedly received a RM5 million cheque from a Data Sonic Group Bhd director for the company to supply 12.5 million chips for Malaysian passports.

He was also charged for receiving another cheque of RM1 million from a Data Sonic director, again in relation to the Malaysian passport chips.

On another charge, Zahid has been alleged as receiving 10 cheques worth RM5 million to help a company secure a MyEG project.

Furthermore, he allegedly received RM250,000 in his capacity as home minister to help a consulting company get a MyEG project. The charge is punishable under Section 24(1) of the MACC Act.

He was also charged for receiving 13 cheques totalling RM8 million to help a company get a MyEG project.

Zahid has claimed trial to all the charges.

Source: The Edge Markets

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