Wednesday 28 Feb 2024
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KUALA LUMPUR (Oct 25): Share price of Hextar Technologies Solutions Bhd (previously known as Complete Logistic Services Bhd) closed at RM10.50 on Tuesday (Oct 25), hitting another fresh high after rising 50 sen or 5% from its closing price of RM10 last Friday (Oct 21).

The stock's share price continued rising after the group replied to the local bourse regulator's unusual market activity (UMA) query on Oct 19 after it closed higher at RM7.10 on the day — the same day the UMA query was issued against the company — and said it was not aware of any corporate development, rumour or report, or any other possible explanation, for the rally.

Hextar Technologies was the third top gainer on the local bourse on Tuesday, as its share price gained as much as 9% or 90 sen to RM10.90 in early trade.

At the closing price of RM10.50, Hextar Technologies has a market capitalisation of RM1.35 billion. It currently trades at a price-earnings ratio of 105.64 times.

Hextar Technologies' shares have been gaining traction lately, surging almost 90% or RM4.96 since Oct 14, when they were traded at RM5.54.

When contacted on Tuesday, Hextar group deputy chief executive officer Goh Hsu-Ming said he was unaware that the share price gained as much as 9% or 90 sen in the morning.

"[I] have no idea. Your colleague asked me the same [question] last week when the UMA was issued," he said in a brief reply.

The company changed its name to Hextar Technologies after diversifying its business into the technology sector in July. The group has also disposed of its entire 14.94% stake in Classic Scenic Bhd for RM32.04 million to its major shareholder, Datuk Eddie Ong Choo Meng.

Ong, who is also the chief executive officer of Hextar Group, became Hextar Technologies' largest shareholder in March last year after acquiring a 29.18% stake.

Ong held a direct interest of 21.37% in Hextar Technologies as of Aug 19, and an indirect stake of 50.11% via his investment vehicle, Hextar Tech Sdn Bhd, a local bourse filing showed.

Hextar Technologies announced in August that its net profit increased to RM290,000 for the first quarter ended June 30, 2022, from RM224,000 a year earlier while revenue more than doubled to RM28.53 million from RM11.05 million, on the back of improved revenue contribution from its expanded trading of building materials business.

Edited ByLiew Jia Teng
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