KUALA LUMPUR (March 30): Shares in Macpie Bhd, formerly known as Sterling Progress Bhd, fell seven sen or 23% to 23.5 sen after the midday break today following the conversion of 10.29 million warrants of the company into shares.

In an exchange filing,  Macpie — which was slapped with an unusual market activity (UMA) query by Bursa Malaysia earlier this month — said the new shares were issued at 16 sen per share.

Following the conversion, the group said the outstanding Macpie’s share capital is 929.22 million shares worth RM79.73 million.

The stock opened five sen higher at 30.5 sen today, and traded within a tight range in the morning session, before it took a dive after the noon break.

At the time of writing, the counter's trading volume was 96.67 million shares, making it one of the top actively traded counters on the local bourse.

On March 12, Macpie said its bonus issue of warrants had been completed following the listing of 459.47 million warrants on the ACE Market.

The company was slapped with the UMA query after the counter hit limit up in active trade on March 19 at 56 sen, a steep climb of more than 200% in two trading weeks.

In response to the query, Macpie cited an agreement concerning deployment of services to eSukan.gg, a government-linked e-sports portal by its target company Techninier Sdn Bhd.

According to Macpie, Techninier is renowned in the Southeast Asian region for its social and mobile gaming network platforms. It also has an experienced team handling mobile and digital content as well as game design and deployment.

Year to date (YTD), Macpie's share price was up 1.05%.