Thursday 28 Mar 2024
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KUALA LUMPUR (May 7): Widetech (Malaysia) Bhd, whose shares hit limit up in active trade in the morning session, has emerged as the top gainer on the local bourse so far today. 

At 10.25am, the stock had risen 49 sen or 29.52% to an all-time high of RM2.15, valuing the company at RM96.22 million. It saw 4.55 million shares exchange hands. 

Since the beginning of the year, Widetech has gained 176%, rising from a mere 60 sen in January.

The group, however, has not made any corporate announcements recently apart from its filing yesterday on securities dealings during a closed period. 

Based on the filing exchange, its director Loh Suan Phang intends to deal in securities in Widetech during the closed period. Loh has 3.53 million shares, representing a 7.89% stake in the company.

Meanwhile, in early April, the group announced that its wholly-owned subsidiary Probusiness Investments Ltd had entered into a share sale agreement for the disposal of all its 720,000 ordinary shares or 40% equity interest in Goldshore Capital Ltd (GCL) to its director Ngai Chew Meng for a total cash consideration of US$1 (about RM4.12).

Ngai is a director and major shareholder of GCL. He currently holds a 60% equity interest in GCL. GCL is principally involved in gaming operations, the group said. 

Previously, in February this year, the group was slapped with an unusual market activity (UMA) query by Bursa Malaysia following a steep rise in its share price.

Subsequently, in a response to the UMA query, the group replied that it was not aware of any reason that could have contributed to the sudden increase in its share price.

According to the group’s website, Widetech is an investment holding company, while the principal activities of its subsidiaries are trading of consumer products, manufacture of precision springs, being a hotel operator and provision of financial and management services for gaming.

Edited ByLam Jian Wyn
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