KUALA LUMPUR (Oct 23): Datuk Seri Cheong Kong Fitt, the managing director and largest shareholder of Perak Transit Bhd (KL:PTRANS), was actively trading the company's shares this week as its stock tumbled to multi-year lows, Bursa Malaysia filings showed.

Cheong disposed of four million shares and acquired 4.025 million shares in the open market between Tuesday (Oct 21) and Wednesday (Oct 22) at undisclosed prices. He also transferred 391,012 shares between nominee accounts, though that did not result in any changes in beneficial ownership.

Following these transactions, Cheong’s direct stake in the transport terminal operator dipped to 7.610% from 7.613%, while his indirect interest eased to 6.577% from 6.581%.

His spouse, Datin Seri Lim Sow Keng, remained a substantial shareholder with a direct stake of 4.58% and a deemed interest of 9.61%.

Cheong previously held a direct stake of 16.135% and an indirect 7.268%, based on Perak Transit's Annual Report 2025, which cited figures as of March 28 this year. At the time, Lim was its fourth largest shareholder with a direct 4.939% stake and an indirect 18.465% stake.

Datuk Eddie Ong Choo Meng, who was listed as the second-largest shareholder in the report with a direct 7.969% interest, ceased to be a substantial shareholder in April this year. He first surfaced as the group's substantial shareholder in November 2022.

Perak Transit’s stock faced a massive selldown on Wednesday that caused its share price to crash by as much as 47.2%, wiping out about RM360.9 million in market value and triggering a short-selling suspension.

The selldown continued on Thursday, which pushed its share price down from 33.5 sen to 28.5 sen — its lowest level in five years — after dropping 14.9%. It eventually regained some lost ground to close at 33 sen, giving the group a market capitalisation of RM397.4 million.

The stock was the most actively traded on Thursday, when it saw some 355 million shares change hands, over 52% more than the 232.73 million shares recorded on Wednesday.

Its share trading was briefly suspended for an hour in the morning after Perak Transit said it's business as usual for the company, in response to Bursa Malaysia's unusual market activity (UMA) query that was prompted by Wednesday’s sharp sell-off.

In its UMA reply, Perak Transit said it was not aware of any corporate developments, negotiations, rumours or reports that could explain the trading activity and confirmed that it remained in compliance with Bursa’s listing requirements, particularly on immediate disclosure obligations.

For the six months ended June 30, 2025, the company reported a 12% increase in net profit to RM39.6 million, on a revenue of RM97.5 million.

The group operates integrated transport terminals, such as Terminal Meru Raya in Ipoh, and has been expanding into property and renewable energy businesses.

Read also:
Perak Transit hits new low after delayed opening, says unaware of reason for sell-off
Perak Transit tells Bursa it’s business as usual after sell-off wipes out nearly half its market value