KUALA LUMPUR: Transmile Group Bhd lost half its value on Feb 24, plunging 50% to close at 45.5 sen, its lowest since October 2008, after it reported a whopping net loss of RM213.2 million in its fourth quarter ended Dec 31, 2009 (4QFY09) and falling into PN17 status.

It hit limit down at 9.01am, falling the maximum 30 sen to 61 sen and stayed around that level until the midday break.

When trading resumed in the afternoon, the stock fell another 21 sen to 40 sen. However, some nibbling enabled it to close at 45.5 sen, down 50% from Tuesday’s close of 91 sen.

The 45.5 sen plunge saw RM122.9 million wiped out from its market capitalisation, leaving RM122.9 million. Its issued shares number 270.118 million units.

Transmile was the top loser of the day, with 43.78 million shares transacted.

Transmile posted a net loss of RM213.2 million in 4QFY09 mainly due to allowance for doubtful debts of RM17.22 million and impairment loss of aircraft and aircraft parts totalling RM185.97 million. For the full fiscal year, net losses reached RM272.49 million compared with RM121 million in FY08.

Transmile has also triggered Practice Note 17 of the Main Market listing regulations after the shareholders’ equity on a consolidated basis becomes less than 25% of the company’s paid-up capital (excluding treasury shares). Shareholders’ equity is less than RM40 million.

Transmile on Feb 24 said it had yet to formalise a global regularisation plan to address its PN17 status. However, as part of the ongoing debt restructuring, it is currently working towards finalising a conclusive restructuring proposal with its lenders. It had RM562.28 million in short-term borrowings as at Dec 31, 2009.

AE Multi almost hits limit down

Meanwhile, AE Multi Holdings Bhd’s share price plunged as much as 29.5 sen to a low of 69 sen in the morning session after its memorandum of understanding with Dah Mah Corp Sdn Bhd was mutually terminated.

However, mild buying support saw the stock closing at 80 sen, down 18.5 sen. Trading was heavy with 21.39 million shares done.

The company had announced on Tuesday the MoU between its unit AE Multi Industries Sdn Bhd and Dah Mah had been mutually terminated.

Under the MoU, Dah Mah had agreed to purchase LCD units assembled by AE Multi Ind for both local and export markets under the brand “Kaden” and any other brands to be advised from time to time. AE Multi posted a fourth quarter net loss of RM810,000 versus a loss of RM6.09 million a year earlier.