KUALA LUMPUR (July 24): Datasonic Group Bhd says it has submitted three proposals to the Ministry of Home Affairs in relation to the Malaysian Passport and Information and Communications Technology (ICT) Solutions and that talks are still on-going.

The company said this in a filing to respond to an unsual market activity (UMA) query from Bursa Malaysia yesterday.

Datasonic said discussions pertaining to the proposals are still in a state of flux at this juncture.

“The company will make the necessary announcement(s) in compliance with its obligations under the Main Market Listing Requirements (MMLR), once the proposal(s) have been awarded to the company.

“The board of directors wishes to highlight that the possible business prospects may or may not materialise,” read Datasonic’s announcement.

The company also said it is not aware of any rumour or report concerning the business and affairs of the group that may account for the increased trading activity of its shares.

“The company is not aware of any possible explanation to account for the trading activity, and the company is in compliance with the MMLR, in particular Paragraph 9.03 of the MMLR on immediate disclosure obligations,” said Datasonic.

The company is principally involved in the provision of ICT solutions, including smart card personalisation. It saw its share price surge as much as 24% to RM1.34 on July 23, from RM1.08 just two days earlier on July 21.

As at 3.13 pm today, Datasonic (fundamental:2.2; valuation:0.9), shares were unchanged at RM1.34, with 8.24 million shares done. The current price gives it a market capitalisation of RM1.755 billion.

(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.)