Investors eye Ingenuity Consolidated on possible management change

-A +A

KUALA LUMPUR (April 2): Ingenuity Consolidated Bhd rose as much as 6% as the bourse's most-active stock, in anticipation of management changes in the IT firm.

Ingenuity Consolidated (fundamental: 0.95; valuation: 0.9) could be actively traded on speculation that a former director of GD Express Carrier Bhd would become Ingenuity Consolidated's new chief.

At 2.44pm, Ingenuity Consolidated rose 0.5 sen or 6% to nine sen, with some 108 million shares transacted.

Last Thursday (March 26), logistics firm GD Express (fundamental: 3.0; valuation: 0.7) former executive director Wong Eng Su acquired a 9.22% stake in Ingenuity Consolidated and emerged as substantial shareholder.

Wong's Ingenuity Consolidated stake is held via Firstwide Success Sdn Bhd.

Coincidentally, Ingenuity Consolidated former managing director Chin Boon Long ceased to be a major shareholder in the company, after selling his entire stake in Firstwide Success.

Chin had resigned from his position in Ingenuity Consolidated on Feb 13 this year, citing health and other personal commitments.

Wong had resigned yesterday (April 1) from the board of GD Express.

(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.)