KUALA LUMPUR (Sep 3): Shares of Central Global Bhd (KL:CGB) dropped more than 15% on Tuesday, prompting Bursa Malaysia to suspend the counter's intraday short selling (IDSS).

The regulator said in a filing that the IDSS of Central Global will be reactivated at 8.30am on Wednesday.

At the start of trading on Tuesday, shares of the crepe paper masking tape manufacturer rose 12.3% to an intraday high of RM1.19, before nosediving to 89 sen at market close, down 16% from the previous day's close of RM1.06, which was the counter's highest closing price in history.

At 89 sen, the group's market capitalisation stands at RM672.85 million.

In December last year, Central Global proposed to split each of its shares into four shares. Following the share split, the group issued up to 275.17 million free warrants on the basis of one warrant for every three split shares held.

As at Aug 22, the group’s issued share capital stood at RM150.32 million, comprising 756.01 million shares.

Central Global had posted a net profit of RM350,000 for the first half of the year ended June 30, 2024, down 85.7% from RM2.44 million in the same period last year, as revenue fell 44.3% to RM61.75 million from RM110.94 million.