KUALA LUMPUR (July 3): ManagePay Systems Bhd rose as much as 11% after the company announced it has received undertakings from independent third party investors, including former Hong Leong Financial Group Bhd's chief executive officer (CEO) Datuk Yvonne Chia.

At 11.15am, ManagePay (fundamental: 1.3; valuation: 0) was up 1.5 sen or 5% at 30 sen, with some 19.8 million shares exchanged, placing it among top actives on the exchange. Its market capitalisation was RM115.34 million.

Earlier, the counter rose as much as 3 sen or 11% to reach a high of 31.5 sen.

ManagePay’s warrants, MPAY-WA, was also among top actives, gaining one sen or 15% to 7.5 sen, with some 23.9 million shares traded.

In a filing with the exchange yesterday (July 2), the company said Chia will subscribe for 20 million shares for RM4.6 million, while Fajarbaru Builder Group Bhd's chairman Tan Sri Kuan Peng Ching@Kuan Peng Soonwill will subscribe for 5 million shares for RM1.15 million.

Besides that, other investors include ConnectIoT Sdn Bhd which will subscribe for 13.8 million shares, followed by RedGiant Analytics Asia Sdn Bhd (26.47 million shares), Andrew Chia Wei Jun (12 million shares), Chu Hong Keong (8 million shares), Chin Chee Thoy (20 million shares) and Soon Kian Heng (15.55 million shares).

To recap, ManagePay had on March 25 announced its plan to raise up to RM40.41 million by issuing up to 175.7 million shares at 23 sen per share, with the bulk of the proceeds raised, to be used to develop its electronic money (e-money) project via online wallet and prepaid card.

The company also said it would sign strategic partnership agreements with other card service provider such as Visa, MasterCard and China’s UnionPay for its e-money project.

Year-to-date, ManagePay has gained 39%, outperforming the FBM KLCI which has fallen 2% during the same period, according to Bloomberg data.

(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.)