Friday 29 Mar 2024
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KUALA LUMPUR (March 10): ACE market listed Asia Bionenergy Technologies Bhd, through its wholly-owned subsidiary Asiabio Capital Sdn Bhd, has accumulated a total of 38 million ordinary shares, representing a 6.07% stake in Netx Holdings Bhd — also listed on the ACE market, for RM2.67 million.

In a filing with Bursa Malaysia today, Asia Bioenergy (fundamental: 1.2; valuation: 0.3), which is involved in incubating start-up technology companies, said it had been accumulating shares in Netx (fundamental: 1.65; valuation: 0.6), a provider of data communication and managed security, since Oct 9, 2014.

“The acquired shares, which amounted to 38 million ordinary shares of par value 10 sen each, was acquired from the open market for a total cash consideration sum of RM2.67 million,” said Asia Bionergy in its announcement.

Asia Bioenergy shares closed 0.5 sen or 4.55% lower to 10.5 sen each today, giving it a market capitalisation of RM91 million.

Netx shares on the other hand, closed unchanged at 7 sen today, with a market capitalisation of RM43.79 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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