Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on October 22, 2018

K-One Technology Bhd (-ve)

TRADING of shares in K-One Technology Bhd (fundamental: 2.25/3, valuation 0.3/3) triggered our momentum algorithm on Friday for the 12th time this year.

Shares of K-One were actively traded on Friday, emerging as one of the most heavily-traded stocks. Some 33.93 million shares were traded versus its 200-day average volume of 1.62 million shares. It closed one sen or 3.7% higher at 28 sen, with 33.93 million shares done versus its 200-day average volume of 1.62 million shares.

On Aug 27, K-One had proposed to diversify into Cloud computing solutions business following its latest proposed acquisition of a 60% stake in G-AsiaPacific Sdn Bhd for RM20.4 million cash.

K-One had inked a conditional share sale agreement with Goh Kiang Kiat, Goh Kiang Kian and Chen Kak Toong for the acquisition.  It has also proposed to undertake a bonus issue of up to 130.29 million new shares on the basis of one bonus share for every five existing shares held, together with free warrants issue of up to 195.43 million warrants on the basis of one warrant for every four existing shares held.

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