Friday 29 Mar 2024
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KUALA LUMPUR (Dec 4): Electronic end-product developer K-One Technology Bhd (K-One) today saw its director replenishing his stake in the company by 11.51 million shares, which represents about a 3% stake, after an almost equivalent disposal made in early November.

According to K-One's filing to Bursa Malaysia today, co-founder and non-independent non-executive director Bjørn Bråten upped his stake via a conversion of warrants (expiry: Dec 11, 2015) to ordinary shares, at an exercise price of 22 sen.

A separate filing in early November showed that Bråten had disposed of 12.3 million shares (about 3% stake) at 37 sen a piece.

These two transactions gave the 57-year-old Norwegian a profit of RM2.02 million without material changes to his stake in the group. He now holds 45.24 million shares or a 10.83% stake in the company.

K-One's share prices was on an uptrend since mid-October, especially after it released its third financial quarter result ended Sept 30, 2014 (3QFY14), which saw that its net profit had more than double to RM3.1 million from RM1.3 million in the previous corresponding quarter.

Via its quarterly explanatory note, the group attributed the improved performance to better margins as a result of various profit enhancement measures, namely cost reduction, improved productivity, and prudent overhead management.

The financial results led K-One's counter to be heavily traded in early November, with volume as high as 59.7 million shares traded.

Subsequently, due to a RM20 million new orders awarded to K-One, its share price was went up 66% to 54 sen on Nov 20, before retreating. 

The stock closed at 41.5 sen today, half sen or 1.19% lower with 2.01 million shares done, giving it a market capitalisation of RM168.6 million.

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