Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 31): For the second time in less than two weeks, Hextar Technologies Solutions Bhd received an unusual market activity (UMA) query over the sharp rise in its share price.

"We draw your attention to the sharp rise in the price of your company’s shares recently," Bursa Malaysia told the logistics company on Monday (Oct 31), prompting the company to respond on the same day that it was not aware of any reason for the rise in its share price.

On Oct 19, Bursa had issued a similar UMA query to Hextar Technologies — formerly known as Complete Logistic Services Bhd.

In the afternoon trading session on Monday, Hextar Technologies' share price shot up as much as RM1.62 or 13.66% to RM13.48, making it the day's top gainer on the local bourse.

Earlier at the opening bell, the stock opened higher by 20 sen or 1.69% at RM12.06, then surged to an intraday high of RM13.48, before paring some gains and closing at a new high of RM13.38. At current prices, its market capitalisation is some RM1.72 billion.

A total of 882,000 shares were traded on Monday, almost four times its 200-day average volume of 225,288 shares.

Hextar Technologies has been on an uptrend and has gained a whopping 142% from RM5.54 on Oct 14. At end-December last year, it was only about RM2.27.

Over the last five years, the counter had largely been trading below RM1, but its share price had notably begun to rise in late-February last year, just prior to businessman Eddie Ong Choo Meng emerging as the company’s largest shareholder after acquiring a 29.18% stake on March 5, 2021.

Ong held a direct interest of 21.37% in Hextar Technologies as at Aug 19, and an indirect stake of 50.11% via his investment vehicle Hextar Tech Sdn Bhd.

Hextar Technologies announced in August that its net profit for the first quarter ended June 30, 2022 increased to RM290,000, from RM224,000 a year earlier while revenue more than doubled to RM28.53 million from RM11.05 million, on the back of improved revenue contribution from its expanded trading of building materials business.

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