Monday 07 Oct 2024
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KUALA LUMPUR (Oct 13): Hexza Corp Bhd spent US$7.77 million (RM36.72 million) to acquire 185,000 shares in Nasdaq-listed robotics warehouse automation company Symbiotic Inc.

In a bourse filing on Friday, the ethanol producer said it acquired 185,000 shares in Symbiotic at US$41.98 per share on Wednesday.

“Hexza invested in quoted securities, with the intention of deriving dividend income, and for potential capital gains,” the company said, noting that the purchase was funded by internally generated funds.

Meanwhile, Hexza disposed of 10,000 shares in graphics processing unit designer Nvidia Corp for US$4.63 million on the Nasdaq stock market, according to a separate filing. 

It sold the block of shares at US$463.20 apiece on Wednesday.

Compared with the shares' average purchase cost of US$93.15 between June 2017 and February 2023, Hexza made a total gain on the disposal of RM17.85 million.

“Hexza disposed of the quoted securities to lower the company’s risk of exposure to a single high-value counter, after taking into consideration the overall market condition for Nvidia shares,” it said.

“The proceeds from the disposal will be used for working capital and/or to reinvest in other quoted shares,” it added. 

Shares in Hexza ended one sen or 1.03% lower at 96.5 sen, giving the company a market capitalisation of RM193.37 million.

Edited ByIsabelle Francis
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