Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 28): Hextar Technologies Solutions Bhd's share price surged as much as 78 sen or 7.1% to an intraday high of RM11.78 in morning trade on Bursa Malaysia on Friday (Oct 28) despite the company receiving unusual market activity (UMA) query since last week.

Hextar Technologies was the top gainer on Bursa Malaysia in the morning session. At noon break, the stock pared some of its earlier gains to RM11.42, but it still was higher by 3.8% or 42 sen.

At the current price, Hextar Technologies has a market capitalisation of RM1.47 billion. A total of 173,400 shares have changed hands so far. This is lower than the counter's daily volume of 578,779 shares on Thursday (Oct 27), 476,900 shares on Wednesday (Oct 26), and 331,221 shares on Tuesday (Oct 25).

In end-December last year, the stock was still trading at RM2.27. In other words, it has jumped over five times over the past 10 months.

Bursa filings showed that Hextar Technologies was issued the UMA query on Oct 19, Even so, its share price continued to skyrocket to the current level, which is more than double from RM5.54 sen on Oct 14.

On Oct 19, the group said in a reply to Bursa's UMA query that it was not aware of any corporate development, rumour or report, or any other possible explanation, for the rally.

Hextar group deputy chief executive officer Goh Hsu-Ming said he was unaware of the share price surge for Hextar Technologies when contacted by The Edge on Tuesday (Oct 25).

Previously known as Complete Logistic Services Bhd, Hextar Technologies changed its name after diversifying into the technology sector in July. The group has also disposed of its entire 14.94% stake in Classic Scenic Bhd for RM32.04 million to its major shareholder, Datuk Eddie Ong Choo Meng.

Ong, who is also the CEO of Hextar Group, became Hextar Technologies' largest shareholder in March last year after acquiring a 29.18% stake.

Ong held a direct interest of 21.37% in Hextar Technologies as of 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.

Edited ByLiew Jia Teng
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