KUALA LUMPUR: Intraday short-selling (IDSS) activities in Mega Fortris Bhd were suspended for the remainder of the day, marking the eighth time the security seals manufacturer has triggered the trading halt since the end of last month.
The suspension came after the counter plunged as much as 19.5 sen, or nearly 17 per cent, breaching the automatic suspension threshold.
IDSS is halted when a stock’s last traded price falls more than 15 per cent or 15 sen from its reference price.
At 2.44pm, Mega Fortris was down 13 sen, or 11.2 per cent, at RM1.03, with more than four million shares traded.
The counter had fallen to a seven-month low amid sustained selling pressure.
Based on the current price, the company had a market value of about RM870.3 million.
The counter’s decline has eroded about RM1 billion from its market capitalisation since Oct 30.
On Oct 30, Mega Fortris announced that its chairman Datuk Ng Meng Kee and substantial shareholder Mega Fortris Global Pte Ltd had obtained a Kuala Lumpur High Court order against Affin Hwang Nominees Tempatan Sdn Bhd.
The order sought information on five transactions involving Mega Fortris shares held on behalf of Safari Asia Ltd between March 25 and 31, 2026.
Affin Group has since clarified that Affin Hwang Nominees had acted solely as a broker on behalf of its client.