Scan Associates up 11.11% after filing legal suit against Bursa Malaysia

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KUALA LUMPUR (May 13): Scan Associates Bhd shares rose 11.11% after the stock plunged yesterday following an announcement it made that it had filed a legal suit against Bursa Malaysia.

At 10.10am, the stock was trading 0.5 sen higher at 5 sen with 3,9716,700 shares traded, after it closed 25% or 1.5 sen lower to 4.5 sen. At 4.5 sen, it is the lowest Scan Associates (fundamental: 0; valuation: 0.3) shares has seen year-to-date after hitting a 14 sen high on April 24, 2015.

To recap, the information and communications technology security solutions provider filed a legal suit against Bursa after the regulator issued a Guidance Note 3 on the company based on its fourth quarter results ended December 31, 2014.

The suit was filed to nullify the directive and to seek damages from Bursa.

The High Court has heard the company's application and granted an interim injunction to restrain Bursa to implement the reclassification of the company until it makes a decision on May 18.

(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.)