This article first appeared in The Edge Financial Daily, on December 9, 2015.

Efficient E-solutions Bhd (-ve)

SHARES of Efficient (Fundamental: 1.65/3, Valuation: 0.5/3) saw active trading yesterday, with 21.6 million shares changing hands — compared to its average 200-day volume of 4.7 million shares. However, the stock closed 3.1% lower at 31 sen. 

Efficient provides a full spectrum of integrated business process outsourcing (BPO) services, including data processing, document processing, and records management. 

Last month, shareholders approved its proposal to dispose two subsidiaries, Efficient Mailcom Sdn Bhd and Efficient Softech Sdn Bhd, for RM75 million. The company intends to return RM12.1 million or 1.7 sen per share as special dividends to shareholders. The disposal is expected to result in a gain of approximately RM53.1 million. 

For 9M2015, revenue was marginally lower at RM34.9 million. Net profit, however, increased 15.6% y-y to RM5.2 million, boosted by lower expenses from ceased operations of an e-portal and realised gains from short term investment.