Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily, on December 8, 2015.

Asdion Bhd

SHARES of Asdion (Fundamental: 1.9/3, Valuation: 0/3) rose 11.2% to close at 54.5 sen yesterday on heavy volume, despite the absence of new material announcements.

The MSC-status company provides software solutions, particularly to the hospitality, supply chain logistic and data services businesses. In February, Asdion ventured into the logistics industry with the acquisition of a 51% stake in Taz Logistics Sdn Bhd (TLSB) for RM6 million. 

Asdion is currently involved in litigation with, amongst others, Taz Metals Sdn Bhd (TMSB) and ex-board members of TLSB, for conspiring to injure the company. According to a press release dated October 29, stock yards leased under Taz Logistics, an important component of the business, were terminated. The new leases are likely to be with a company linked to the minority shareholder of TLSB, who was also the former CEO. 

TMSB has since filed a counterclaim, which Asdion will dispute.

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