Thursday 28 Mar 2024
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KUALA LUMPUR (March 17): Dataprep Holdings Bhd, whose share price jumped 61.11% today, said it is not aware of the reasons behind the surge.

The company said this in a filing today, in response to Bursa Malaysia's unusual market activity query.

The stock leapt 16.5 sen to close at 43.5 sen. It saw 173.17 million shares traded, way above its 200-day average of 1.02 million shares.

This is the second time Dataprep has been queried by Bursa this year. Its share price surged 57.14% to 22 sen in four trading days from Jan 4 to Jan 9, to which the company similarly said it was unaware of the price jump.

Dataprep was not immediately available for comment when contacted by theedgemarkets.com.

SJ Securities Sdn Bhd senior remisier KC Goh said institutional buying contributed to Dataprep's strong gains today.

"Technically, institutional buying constituted to 53% of the buying, which can explain why the counter is so strong today," Goh said.

"For the last 13 days, funds have been on net buying except for two days of profit-taking in between. It is also trading above 360-day moving average lines, meaning long-term funds may be back to the counter," he told theedgemarkets.com.

Dataprep has recorded consecutive quarterly losses since 3QFY16. On an annual basis, the company has been loss-making since FY08.

The IT company has prominent businessman Datuk Lim Chee Wah among its directors. Dataprep is the only listed company controlled by Lim, who recently upped his indirect stake — via VXL Holdings Sdn Bhd — from 53.09% in 2014 to 64.2%.

Lim's VXL Group is the major investor for the US$2.9 billion (RM13 billion) Genting Secret Garden holiday and skiing resort in Zhangjiakou city in Hebei province, which doubles as the venue for Beijing Winter Olympics 2022.

Dataprep was in turn appointed as the ICT project delivery partner for Secret Garden — the largest skiing project in China — back in February 2012.

 

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