The share price of 1Malaysia email project operator Tricubes Bhd dropped a massive 70 percent this morning after Bursa Malaysia rejected its regularisation plan, resulting in the possible delisting of the company from the stock exchange.
The IT company, which is listed on the secondary ACE market, will be suspended with effect from July 11 and it has been given until Aug 2 to appeal against the delisting, according to the company’s announcement to Bursa yesterday.
This prompted a fire sale of the company’s shares by jittery investors when the stock exchange opened, which saw Tricube's share price plunging to 3 sen at 10.23am - 70 percent lower than its last traded price.
Some 15,400,400 Tricubes shares changed hands so far today. The company was once the most-traded share in the Bursa.
The troubled company was awarded the controversial 1Malaysia email project in April last year to serve as a designated digital channel for government bodies to communicate with the public.
The project elicited fierce public criticism as all government bodies are required to pay for every email sent using the 1Malaysia email accounts.
Its critics also questioned whether the plan was intended to “bail out” Tricubes which has been categorised as GN3 by Bursa since October 2010.
It is reported that the counter surged to a six-year high of 32.5 sen from 4 sen in April last year when it was first announced that it had won the email project, which will involve RM50 million over the next few years to roll out the service.
However, in an advertorial published in several media, including Malaysiakini, Minister in the Prime Minister’s Department Idris Jala has denied that the email project was awarded to rescue the “crony” company and no public funds are involved.
Last January, Tricubes Bhd’s 70 percent-owned subsidiary Tricubes NCR JV Sdn Bhd was awarded a RM6 million project by the Home Ministry to maintain the police force’s hardware and software and server enhanced mobile management system (EMMS).
By Wong Teck Chi (Malaysiakini)
Whatever it is, it must be easy to be use and not too complicated.
ReplyDeleteHopefully the thing will be the same as before and not to be down graded in the future.
ReplyDeleteHopefully Tricubes Bhd is closed for good in order to save tax payers hard earned money.
ReplyDeleteAgree. Don't suppress the rakyat.
DeleteJUST ANOTHER UMNO SCAM TO DIRECT FUNDS TO CRONIES' POCKETS
ReplyDeleteNot my problem, I did not buy any of the 1 Malaysia shares.
ReplyDeleteSucks to those who did.
DeleteThat for rakyat who need it
Deletekonsep 1M'sia
ReplyDelete1 M'sia concept is good and much better if applied accordingly. Not just by proclaiming it.
DeleteUntung rugi memang susah untuk dijangka.
ReplyDeleteyang penting dapat mengurus keuntungan atau kerugian dengan baik.
DeleteSekarang baru keluar berita tentang email 1Malaysia ni.
ReplyDeletebanyak sudah ba email di internet ni.. cukup la saya pakai gmail saja..
ReplyDeleteInitially, the conceptualisation of 1Malaysia e-mail was to assign All Malaysians who are 18 years old and above an email account each in order to receive statements, bills and notices from the Government.
ReplyDeleteInternet users in Malaysia are going online to pay their bills, choosing the convenience and flexibility of paying electronically over cash or checks, according to the 2010 Visa eCommerce Consumer Monitor.
DeleteThe study, which surveyed 3,156 internet users in six countries in Asia Pacific, reported that Malaysian internet users reportedly spent the highest monthly average on paying bills online (RM306) over the period of a year, much higher than the regional average of RM224.
DeleteThis was followed by respondents from Indonesia, with a monthly average of RM266 and mainland China with RM 224.
DeleteOf the 558 respondents surveyed from Malaysia in the third quarter of last year, more than three out of five respondents (68 percent) said they had paid their bills online in the last twelve months and almost all of these respondents (98 percent) said they would continue to do so over the next six months. Of those who had not tried paying online before, 57 percent said they would consider doing so over the next six months.
DeleteThe most common types of bills paid online in the past six months by Malaysian respondents were for internet access (66 percent), utilities (60 percent), mobile phone service (57 percent) and payment card bills (46 percent).
DeleteThe initiative would allow direct and secure communication between the public and the Government, said Tricubes Bhd chief executive officer Khairun Zainal Mokhtar.
ReplyDeleteTricubes Bhd is the company developing the 1Malaysia Email project in collaboration with Microsoft.
ReplyDeleteKhairun said Tricubes Bhd would also spearhead the development of a web portal which would include social networking services, online bill checking and payments.
ReplyDelete"Hopefully, we can get it ready by July this year," he told a press conference at the fifth progress update of the Economic Transformation Programme.
ReplyDeleteMeanwhile, the Performance Management and Delivery Unit (Pemandu), responding to queries on the project, said the 1Malaysia Email address would not be made compulsory.
ReplyDelete"1Msia Email is a private sector-led initiative by Tricubes, with investment from the company and not the Government," a Pemandu source tweeted.
ReplyDelete