diff --git a/contracts/modules/TransferManager/PercentageTransferManager.sol b/contracts/modules/TransferManager/PercentageTransferManager.sol
index 0e67539af..de5b590a3 100644
--- a/contracts/modules/TransferManager/PercentageTransferManager.sol
+++ b/contracts/modules/TransferManager/PercentageTransferManager.sol
@@ -45,7 +45,7 @@ contract PercentageTransferManager is ITransferManager {
                 return Result.NA;
             }
             uint256 newBalance = ISecurityToken(securityToken).balanceOf(_to).add(_amount);
-            if (newBalance.mul(10**uint256(ISecurityToken(securityToken).decimals())).div(ISecurityToken(securityToken).totalSupply()) > maxHolderPercentage) {
+            if (newBalance.mul(uint256(10)**18).div(ISecurityToken(securityToken).totalSupply()) > maxHolderPercentage) {
                 return Result.INVALID;
             }
             return Result.NA;