KUALA LUMPUR: The spike in the share prices of Maxbiz Corp Bhd and GPRO Technologies Bhd prompted Bursa Malaysia to query the two companies on the unusual market activity (UMA).
GPRO was the most actively traded stock yesterday, bucking the downtrend on the broad market with a gain of about 29%. The stock hit an intra-day high of 25.5 sen before retreating to close at a six-year high of 24.5 sen yesterday. Some 47.9 million shares changed hands yesterday.
Shortly after the opening bell, Maxbiz surged 83% or 7.5 sen to an intraday high of 16.5 sen from Monday’s closing price of 9 sen.
Maxbiz ended 33.3% higher to 12 sen, the highest level since March. About 33.9 million shares were traded yesterday, making it the third most active counter on Bursa.
In reply to Bursa yesterday, both Maxbiz and GPRO said their boards were not aware of any material activities that would have contributed to the UMA yesterday.
Interestingly, the two companies recently saw some movements in their boardrooms.
Last Friday, garment maker Maxbiz told Bursa it had appointed two new directors — Datuk Mohamad Taufik Omar and Wong Kam Wah.
A director at Vasseti Bhd, Taufik was made chairman and audit committee chairman of Maxbiz while Wong was appointed executive director. Wong is currently managing director of Container Link Sdn Bhd and Serai Makmur Container Depot Sdn Bhd.
Maxbiz is still bidding to recover what it alleges are “missing” assets after it took over the listing status of Geahin Engineering Bhd via a reverse takeover exercise.
In late June, Maxbiz filed suit against 18 defendants including accounting firm Ernst & Young, Public Investment Bank Bhd and Pacific Trustees Bhd.
The PN17 firm Maxbiz is claiming damages to the tune of RM163.48 million from the defendants along with general and exemplary damages, interest, legal costs and other relief deemed proper by the court.
Maxbiz, which is also categorised as PN1, defaulted on RM3 million of redeemable unsecured loan stocks (RULS) and RM22.62 million of redeemable convertible secured loan stocks (RCSLS)
GPRO, which develops IT solutions for textile and apparel manufacturers, on Oct 14 appointed Christian Kwok-Leun Yau Heilesen executive director.
Shares in GPRO have been heavily traded since early September after Heilesen surfaced as a substantial shareholder in the company.
It is not known what the new shareholder has in the pipeline for GRPO.
But the stock has gained nearly 160% or 15 sen after Heilesin bought into the ACE Market-listed firm, whose market capitalisation was only RM20 million at end-August.
Heilesen, who is founder and CEO of Funmobile Holding Ltd (a Hong Kong-based mobile content developer), has increased his stake in GPRO to 24.89% on Oct 15 from 15.29% oan Sept 12.
Coincidentally, GPRO’s single largest shareholder Vital Research Sdn Bhd had substantially reduced its stake to 10.79% on Sept 8 from about 20% in March.
Its executive chairman Tang Tiong Seng, who held interest via Vital Research, has also trimmed his indirect stake in the company from 14.92% on Sept 6 to 0.12% on Sept 13.
This is the second ACE Market- listed loss-making company that Heilesen has bought into in less than two months. The first was DVM Technology Bhd, which he later sold down under three weeks.
GPRO has been in the red since FY05 ended Dec 31. For the six months ended June 30, it incurred a net loss of RM1.34 million or 0.54 sen per share, compared with RM1.59 million or 0.64 sen per share a year earlier. Revenue was at RM503,000 versus RM246,000 a year ago.
This article appeared in The Edge Financial Daily, November 2, 2011.
GPRO was the most actively traded stock yesterday, bucking the downtrend on the broad market with a gain of about 29%. The stock hit an intra-day high of 25.5 sen before retreating to close at a six-year high of 24.5 sen yesterday. Some 47.9 million shares changed hands yesterday.
Shortly after the opening bell, Maxbiz surged 83% or 7.5 sen to an intraday high of 16.5 sen from Monday’s closing price of 9 sen.
Maxbiz ended 33.3% higher to 12 sen, the highest level since March. About 33.9 million shares were traded yesterday, making it the third most active counter on Bursa.
In reply to Bursa yesterday, both Maxbiz and GPRO said their boards were not aware of any material activities that would have contributed to the UMA yesterday.
Interestingly, the two companies recently saw some movements in their boardrooms.
Last Friday, garment maker Maxbiz told Bursa it had appointed two new directors — Datuk Mohamad Taufik Omar and Wong Kam Wah.
GPRO's RFID solutions for garment professionals.
GPRO has been in the red since FY05 ended Dec 31.
GPRO has been in the red since FY05 ended Dec 31.
A director at Vasseti Bhd, Taufik was made chairman and audit committee chairman of Maxbiz while Wong was appointed executive director. Wong is currently managing director of Container Link Sdn Bhd and Serai Makmur Container Depot Sdn Bhd.
Maxbiz is still bidding to recover what it alleges are “missing” assets after it took over the listing status of Geahin Engineering Bhd via a reverse takeover exercise.
In late June, Maxbiz filed suit against 18 defendants including accounting firm Ernst & Young, Public Investment Bank Bhd and Pacific Trustees Bhd.
The PN17 firm Maxbiz is claiming damages to the tune of RM163.48 million from the defendants along with general and exemplary damages, interest, legal costs and other relief deemed proper by the court.
Maxbiz, which is also categorised as PN1, defaulted on RM3 million of redeemable unsecured loan stocks (RULS) and RM22.62 million of redeemable convertible secured loan stocks (RCSLS)
GPRO, which develops IT solutions for textile and apparel manufacturers, on Oct 14 appointed Christian Kwok-Leun Yau Heilesen executive director.
Shares in GPRO have been heavily traded since early September after Heilesen surfaced as a substantial shareholder in the company.
It is not known what the new shareholder has in the pipeline for GRPO.
But the stock has gained nearly 160% or 15 sen after Heilesin bought into the ACE Market-listed firm, whose market capitalisation was only RM20 million at end-August.
Heilesen, who is founder and CEO of Funmobile Holding Ltd (a Hong Kong-based mobile content developer), has increased his stake in GPRO to 24.89% on Oct 15 from 15.29% oan Sept 12.
Coincidentally, GPRO’s single largest shareholder Vital Research Sdn Bhd had substantially reduced its stake to 10.79% on Sept 8 from about 20% in March.
Its executive chairman Tang Tiong Seng, who held interest via Vital Research, has also trimmed his indirect stake in the company from 14.92% on Sept 6 to 0.12% on Sept 13.
This is the second ACE Market- listed loss-making company that Heilesen has bought into in less than two months. The first was DVM Technology Bhd, which he later sold down under three weeks.
GPRO has been in the red since FY05 ended Dec 31. For the six months ended June 30, it incurred a net loss of RM1.34 million or 0.54 sen per share, compared with RM1.59 million or 0.64 sen per share a year earlier. Revenue was at RM503,000 versus RM246,000 a year ago.
This article appeared in The Edge Financial Daily, November 2, 2011.
