KUALA LUMPUR (Oct 24): Payment solutions provider Revenue Group Bhd’s shares were actively traded after it received approval from the Local Government Development Ministry (KPKT) for an online moneylending licence.
About 29.78 million shares exchanged hands, surging nearly eightfold from 3.83 million shares traded on Monday (Oct 23), making the counter the second most actively traded stock on Bursa Malaysia so far in Tuesday’s morning session.
Revenue’s share price rose 1.5 sen or 7.14% to 22.5 sen, compared with its closing price of 21 sen on Monday. At 9.55am, the stock was traded at 23 sen, still up two sen or 9.52%, bringing the stock a market capitalisation of RM124.39 million.
On Monday, Revenue Group said its wholly owned unit Revenue Harvest Sdn Bhd received the licence from KPKT to provide innovative e-lending services customised to meet the evolving needs of Malaysian businesses.
The new licence is effective Oct 12, 2023 until March 31, 2025, and is renewable every two years.
Revenue Group executive director Teh Chee Hoe said the new venture “opens up a world of possibilities” for the group in the digital lending landscape, addressing the pressing financial needs of micro, small and medium enterprises (MSMEs) which have traditionally faced challenges in securing funds through conventional financial institutions.