OpenSys falls 6.6% after Creador’s Brahmal ups stake

OpenSys falls 6.6% after Creador’s Brahmal ups stake
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KUALA LUMPUR (June 17): Shares of OpenSys (M) Bhd, a solutions provider for the financial services and banking industry, fell as much as 6.62% in early morning trade today after private equity firm Creador founder and chief executive officer Brahmal Vasudevan upped his stake in the company to 7.05%.

At 10.18am, OpenSys pared some of its losses and was down four sen or 5.88% at 64 sen, valuing it at RM193.63 million.

Some 45.33 million shares were traded, which far exceeded its 200-day average volume of 4.1 million.

Year to date, the counter has risen as much as 73% from 37 sen.

Brahmal has first emerged as a substantial shareholder after acquiring 4.75 million shares or 1.59% via the open market on June 12, 2020, which bumps his total holdings in the company to 6.56% or 19.55 million shares, according to a filing to Bursa Malaysia.

He then bought another 1.45 million new shares indirectly (0.49%), bringing his total shareholding to 7.05% or 21 million shares — which comprises a 0.671% direct stake and a 6.378% indirect stake via Alaka Holdings Ltd, a British Virgin Islands-incorporated firm linked to Brahmal.

In the first quarter ended March 31, 2020, Opensys’ net profit grew 8.96% to RM1.67 million, from RM1.53 million last year, while revenue rose 16.89% to RM17.23 million, from RM14.74 million.

The company attributed the higher earnings mainly to the higher revenue achieved from the roll-out of the Cash Recycling Machine and Windows 10 platform upgrade.

The group had also declared a second interim dividend of 0.25 sen per share — amounting to RM744,732 — in respect of the financial year ending Dec 31, 2020 (FY20), payable on July 13.

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