NetX Holdings Bhd (+ve)
NetX (Fundamental: 1.65/3, Valuation: 0.6/3), which has traded range bound between 6.5 and 7.5 sen in the last month, rose to a fresh year-high of 9 sen before retracing to close at 8 sen yesterday. Nearly 87 million shares changed hands or almost 14% of total shares issued. This followed the appointment of yet another new chairman and resignation of a non-executive director.

NetX has had a rough few years. Revenue plunged to just RM2.8 million in 2012, from RM36.1 million, before recovering slightly to RM5.1 million for an 18-month period ended June 2014. It was in the red through this period and had replaced its whole board of directors twice. 

In October 2014, NetX proposed a rights issue to acquire Springworks Sdn Bhd. The acquisition was called off in February but it will proceed with the fund raising exercise.

The company, formerly known as Ariantec Global Bhd, is principally involved in research and development of software systems, and providing information technology services.

This article first appeared in The Edge Financial Daily, on April 10, 2015.