This article first appeared in The Edge Financial Daily, on November 13, 2015.

Oriented Media Group Bhd (-ve)

ACE-market listed Omedia (Fundamental: 2.25/3, Valuation: 0/3), surged 6.3% to close at 42.5 sen yesterday on heavy volume. 

Last Wednesday, the company announced that it has submitted an application to Bursa for an extension of time, up to February 26, 2016, to complete its proposed rights issue with warrants.

To recap, OMedia plans to raise up to RM42.7 million via the proposed rights issue with warrants on the basis of 4 rights shares together with 3 free warrants for every 2 existing shares held.

Omedia operates primarily in the local IT and e-commerce industry. Last month, the company announced that it will be cooperating with Fujian Jin-Jiang E-Commerce Development Co. Ltd and China-listed Xiamen Mass Entrepreneurship & E-Commerce Technology Co. Ltd to explore e-commerce market in China.

For FY2015, net loss narrowed to RM1.2 million from RM3.7 million a year ago, while revenue surged 57.3% to RM1.7 million, due mainly to higher sales of software and hardware.