Unexplained Share Price Changes At TFP Solutions

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Bursa Malaysia has sent an unusual market activity (UMA) question to TFP Solutions Bhd, an ACE Market-listed financial technology (fintech) service provider.

With 40.16 million shares traded at 4pm on Monday, the counter was up 4.55 percent or half a sen at 11.5 sen.

The stock price of the loss-making company, which rose 81 percent from early July to as high as 23.5 sen on Sept 7, has subsequently fallen 12 sen or 51 percent.

Bursa asked the company to reveal any corporate development, rumour or report affecting the group’s operations and affairs, as well as any other probable grounds for the UMA.

Bursa Securities Listing Requirements (LR), in particular Paragraph 9.03 of the Bursa Securities LR on immediate disclosure duties.

As revenue plummeted 77.5 percent to RM3.11 million from RM13.83 million in the latest financial quarter ended March 31, 2021 (1QFY21), TFP Solutions reported a net loss of RM976,000 versus RM657,000 in 1QFY20.

It has been losing money since FY16.

Published by Zack Baharum

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