The integrated transport terminal operator stated this in its reply to Bursa Malaysia’s unusual market activity (UMA) query after its shares plummeted 47% or 30 sen to 33.5 sen yesterday.

Investors continued dumping the stock this morning as it hit an intraday low of 28.5 sen, a 55% drop over the last two trading sessions, its lowest level in five years. Trading in the shares had earlier been suspended for an hour from 9am.

It was the most actively traded stock on Bursa with 283 million shares changing hands by the midday break, in sharp contrast to its daily average trading volume of 8.4 million shares.

At the time of writing, the shares had clawed back its losses and was up 1 sen or 3% at 34.5 sen, valuing the group at RM415 million.

In its filing with Bursa today, Perak Transit said it was not aware of any corporate developments, negotiations, rumours, or reports that could explain the sharp decline in its share price.

“The board is not aware of any other possible explanation to account for the trading activity,” it added.

In a bourse filing yesterday, the company stated its business operations remain “operational as usual”.

“The board emphasises that this movement in market value is not reflective of any change in the company’s operational status or business fundamentals at this time,” it added.

There has been a flurry of bourse filings on the disposal and acquisition of company shares by its founder, managing director and largest shareholder Cheong Kong Fitt in the past two months.

Cheong, 65, had been paring down his stake during the period, and held a 14.2% stake as of Oct 17 compared with 17.2% in early September.

Perak Transit operates integrated transport terminals in the state including Terminal Meru Raya in Ipoh, Kampar Putra Sentral, and Bidor Sentral. The company has also expanded into the property and renewable energy sectors.

For the six-month period ended June 30, 2025, the company’s net profit was 12% higher at RM39.6 million on a revenue of RM97.5 million.