ManagePay shareholders okay private placement

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KUALA LUMPUR (July 14): Managepay Systems Bhd has received shareholders' approval to implement a private placement of new shares, which will constitute up to 30% of the electronic payment specialist's issued share capital.

Shareholders had approved the proposal at Managepay's (fundamental: 1.3; valuation: 0) extraordinary general meeting (EGM) earlier today.

Managepay managing director and chief executive officer Chew Chee Seng told reporters after the EGM, that the company was transforming itself into a financial service provider.

"We have obtained the approval from Bank Negara Malaysia (BNM) on 18 February this year, to issue e-Money via MPAY Balance and MPAY Mastercard for the MPAY Issuer Project.

"BNM is encouraging non-banking entity like us to be more aggressive in the financial service industry, with the issuance of the licence," Chew said.

According to Managepay's earlier announcements to Bursa Malaysia, the company had fixed the price of the placement shares at 23 sen each.

Managepay's latest issued base stood 413.54 million shares, according to the company.

At 12:30pm today, Managepay shares settled unchanged at 29.5 sen, for a market capitalisation of RM122 million.
The stock saw some 11 million shares done.

(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.)