KUALA LUMPUR: Bursa Malaysia has suspended intraday short selling (IDSS) of Mega Fortris Bhd shares for the remainder of Thursday after the stock breached the prescribed price limit for a second consecutive trading day.
The latest suspension marks the fifth time this month that IDSS trading in the security seals manufacturer has been halted.
The exchange said the suspension was triggered after Mega Fortris’ last traded price fell more than 15% or 15 sen from its reference price. Short selling under the IDSS mechanism is scheduled to resume on Friday, Nov 13, at 8.30am.
At 12.30pm, Mega Fortris was down 13 sen or 11.21% at RM1.03, with 4.03 million shares traded. It had earlier touched an intraday low of 96.5 sen before entering the noon trading break at RM1.06, down 8.6%.
On Wednesday, the counter fell as much as 18.06% to 88.5 sen, its lowest level in almost nine months, prompting a similar suspension.
The decline since Oct 30 has erased close to RM1 billion from the company's market capitalisation, which stood at about RM870 million based on its latest share price.
On Oct 30, the company announced that its chairman Datuk Ng Meng Kee and substantial shareholder Mega Fortris Global Pte Ltd had obtained a Kuala Lumpur High Court order seeking details of five transactions involving shares held for Safari Asia Ltd between March 25 and 31, 2026.
Affin Group subsequently clarified that Affin Hwang Nominees Tempatan Sdn Bhd had acted solely as a broker on behalf of its client.