KUALA LUMPUR: CTOS Digital Bhd was the stock market's top loser shedding some 27 sen of its share value, despite a planned appeal of the High Court ruling which awarded a businesswoman damages of RM200,000 for inaccurate credit rating.

The High Court yesterday ruled in favour of Suriati Mohd Yusof in a suit filed against subsidiary CTOS Data Systems Sdn Bhd, citing breached duty of care owed to Suriati as well as overstepping the functions it was registered for.

High Court Judge Datuk Akhtar Tahir ruled that the Credit Reporting Agencies Act 2010 governing CTOS does not empower it to formulate a credit score or to create its own criteria or percentage to formulate a credit score.

CTOS Digital is listed on the Main market of Bursa Malaysia Securities Bhd.

CTOS Digital hit a low of RM1.06 during trading earlier before settling almost 19 per cent lower to RM1.18 a share as at 11.09am.

Short selling in the company's shares have been suspended until tomorrow following the sharp fall in share price.

In a filing with Bursa Malaysia Securities Bhd yesterday, CTOS Digital said CTOS Data has submitted a Notice of Appeal of the ruling to the Court of Appeal.

The company also said that It does not expect any significant financial losses from the matter and sees no need to make provisions for it.

https://www.nst.com.my/business/corporate/2024/03/1024534/ctos-top-loser-stock-market-despite-plans-appeal-high-court