KUALA LUMPUR (Feb 2): ACE Market-listed CWorks Systems Bhd continues its upward momentum since proposing a private placement on Jan 28, 2016, gaining 2.5 sen in late morning trade today.

At 11:27am, CWorks traded 3.91% higher at 66.5 sen with 7.74 million shares changing hands. It had earlier reached an intra-morning high of 68.5 sen before paring down some gains.

On Jan 29, it increased 6 sen or 10.3%.

Year to date, the group's share price has gained an impressive 143%, which was further boosted by the private placement announcement.

The group had announced that it is proposing a private placement of up to 12.1 million shares of 10 sen each, representing approximately 10% of the total issued and paid-up share capital of CWorks.

The private placement will be for independent third party investors, which are yet to be identified.

CWorks also plans to change its name to Orion IXL Bhd, subject to shareholders' approval at its forthcoming extraordinary general meeting.