Short-selling under PDT for Edaran to resume today

PETALING JAYA: Shares in Edaran Bhd surged by as much as 63% to as high as 74.5 sen before closing the day at 71.5 sen.

In a special filing yesterday, Bursa Malaysia said that it had suspended the short selling under the proprietary day trading (PDT) of Edaran for the rest of the day.

The suspension of the shares of the information technology services company was because the daily short-selling trade limit had reached 3% of the issued number of shares.

Short selling under PDT for Edaran will resume today at 8.30am.

Notably, in May, Edaran announced that Tan Sri Tajudin Ramli and his younger brother, Datuk Bistamam Ramli, had resigned from their posts of non-independent and non-executive chairman and managing director respectively.

Tajudin and Bistamam are both substantial shareholders of the information technology services company.

They cited “resolving personal matters” as the reason for their resignation, the company’s filings with Bursa Malaysia yesterday stated.

Tajudin, 72, was appointed a director of the group on June 1, 1992 and appointed chairman in 2000.

He was previously the executive chairman of Malaysian Airline System Bhd.

Separately, Edaran announced the resignation of Bistamam, 56, as MD of the group.

According to the company’s two filings, the boardroom change happened on May 8, a day before the historic 14th general election which concluded with the country’s first ever change in government.