Shares of the company behind the MyEmail email project plummeted today, after the company revealed yesterday that it suffered heavier losses than initially reported due to a typo.
The Edge reported that Tricubes Bhd shares fell by 2.5 sen to 18.5 sen today as of 12.30pm, after it told Bursa Malaysia that its accumulated losses stand at RM17.24 million for the financial year ending on March 31, 2011, not RM7.3 million as reported in its 2011 Annual Report.
This followed the company’s submission of the audit of its annual report to Bursa on Sept 7.
The financial daily cited the report as saying that there may be “material uncertainties” that cast doubt on the the company’s ability to continue.
Its survival is dependent on securing more contracts to survive, as well as the support of bankers, creditors and shareholders, it said.
“Currently, the group has secured several contracts and is planning to secure additional contracts with various government agencies and commercial banks for its existing and newly developed products,” the report was quoted saying.
Tricubes is best known for its appointment by the federal government for the email project - then known as the 1Malaysia Email project - to provide Malaysians with a secure email account for correspondences and monetary transactions with the government.
However, the project would cost 50 sen per correspondence, drawing brickbats because critics argued that there are already freealternatives. Despite that, its shares shot up from 5.5 sen to 32.5 sen over a week, after Prime Minister Najib Abdul Razak announced the appointment on April 19.
The company was thrown into the spotlight again when it was awarded a contract to collect traffic summonses for the Royal Malaysian Police on Nov 16, prompting another share spike.
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