This article first appeared in The Edge Financial Daily on May 16, 2019
Vortex Consolidated Bhd (-ve)
TRADING of shares in Vortex Consolidated Bhd (fundamental: 1.80/3, valuation: 0.30/3) triggered our algorithm yesterday for the first time this month.
The counter closed up seven sen or 34.15% at 27.5 sen, after some 58.74 million shares were done, 10 times the average trading volume of 5.86 million shares seen in the past 200 days.
On April 15, the group announced it was acquiring Valhalla Holdings Sdn Bhd, a firm with a money lending licence, for RM2 million, as part of its plan to diversify its business.
Valhalla is the holding company of Valhalla Capital Sdn Bhd, which obtained the licence from the government for a two-year period ending Oct 31, 2020.
Vortex is an investment holding company. The company offers computer software, information technology systems, network support services and communication products.