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KUALA LUMPUR (Jan 11): CN Asia Corp Bhd continued its sharp decline in trading this morning, making it Bursa Malaysia’s second biggest loser as of this writing, after its digital banking plans they failed to enthuse investors.
As of 10.15 am, the stock had fallen 41 sen or 24.7% to RM1.25, with 7.02 million shares traded. The counter fell to a morning low of RM1.17.
The stock closed at RM1.66 last Friday, falling 69 sen or 29.36% from an all-time high of RM2.37 last Thursday.
Loss-making CN Asia currently involved in the manufacture of skid tanks announced last week that it had signed a memorandum of understanding (MoU) with Intcys Sdn Bhd, under which it plans to invest RM400 million to establish a consortium to provide digital banking services for women.
Under the proposed Banco Digital MyWeW (Women Empowering Women), the company plans to offer services such as business financing, microcredits, debit and credit card applications and opening of digital bank accounts.
However, he did not give any timeline for the digital banking company. The signed MoU is valid for 12 months.
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