This article first appeared in The Edge Financial Daily, on January 21, 2016.
CWorks Systems Bhd (-ve)
SHARES of CWorks (Fundamental: 2.25/3, Valuation: 0/3) surged 19.3% to 49.5 sen yesterday. The rally started since last Thursday, where it was still trading at 32.5 sen. The shares were heavily traded with 12.9 million shares changing hands compared to its average 200-day volume of 424,993 shares.
Just last Monday (Jan 11), CWorks announced that Law Li Li has ceased to be a substantial shareholder of the company after disposing 15 million shares on Dec 30, 2015. Interestingly, the company had only announced on Dec 21 that Law had purchased 20 million shares on Dec 11, to be the single largest shareholder in the company with a 16.5% stake.
In the 3QFY2015 result, the group’s revenue dropped 37% y-o-y to RM0.85 million in its current financial quarter and registered a loss before tax of RM0.33 million.