KUALA LUMPUR (Nov 14): Bursa Malaysia Securities Bhd has advised investors to exercise caution, and to make informed decisions in trading Hextar Technologies Solutions Bhd shares.
This prompted the counter to drop as much as RM2.50 or 15.2% to RM14 before closing at RM15.40, down RM1.10 or 6.67%, valuing it at nearly RM2 billion. Year to date, it has climbed close to seven times.
In an announcement on Monday (Nov 14), Bursa drew attention to the recent sharp rise in the price of Hextar Technologies shares, and the unusual market activity queries issued to the company on Oct 19 and Oct 31.
Formerly known as Complete Logistics Services Bhd, Hextar Technologies in response to the queries said it was not aware of any corporate development or explanation that could have given rise to the unusual trading activities.
“The exchange will not hesitate to take appropriate regulatory action to ensure fair and orderly trading of Hextar shares,” said the local bourse regulator on Monday.
Hextar Technologies was queried by the regulator on Oct 19 and 31, following the spike in it share price.
Businessman Datuk Eddie Ong Choo Meng is Hextar Technologies’ largest shareholder with a direct stake of 21.37% and and indirect stake of 50.11%.
Over the last five years, Hextar Technologies had been trading largely below RM1, until a sudden rise in late February last year — just prior to Ong’s emergence as the company’s largest shareholder in March 2021.
For the first quarter ended June 30, 2022 (1QFY2023), it posted a 29.46% rise in its net profit to RM290,000 from RM224,000 a year earlier on the back of a 158.23% jump in revenue to RM28.53 million versus RM11.05 million previously.
Source: TheEdge - 15 Nov 2022
