YBS International Bhd says the board is not aware of any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity, including those in the stage of negotiation/discussion.
KUALA LUMPUR (Feb 14): YBS International Bhd (KL:YBS) said except for its memorandum of understanding (MOU) to acquire the entire stake in precision manufacturing companies for US$38 million (RM167.2 million) announced back in September last year, it is unaware of any corporate development that may explain the unusual market activity (UMA) in its share price, which touched a two-year low.
The precision machining firm noted the MOU to acquire Allied Technologies Pte Ltd’s precision manufacturing services units, Allied Precision Manufacturing (M) Sdn Bhd, Allied Precision Technologies (M) Sdn Bhd, Allied Precision (Thailand) Co Ltd and Allied Technologies (Saigon) Co Ltd, is amid finalisation.
“The board is not aware of any corporate development relating to the group’s business and affairs that has not been previously announced that may account for the trading activity, including those in the stage of negotiation/discussion,” YBS said in a bourse filing on Friday.
“YBS will make the necessary announcement(s) in compliance with the ACE Market listing requirements of Bursa Securities upon execution of any agreement should the corporate developments/proposals materialise,” it added.
YBS received the UMA during Friday’s morning trade session, after its share fell as much as 30 sen or 38.96% to an intra-day low of 47 sen — the lowest since July 15, 2022.
The stock pared losses to close 17.5 sen or 22.73% lower at 59.5 sen, valuing the group at RM168.96 million.
Its largest shareholders are Yong Swee Chuan, with a 12.88% stake via Indowang Sdn Bhd, and Yong Chan Cheah, with equal equity interest via Cheah Jik Capital Sdn Bhd.
The company reported a net loss of RM7.89 million for the second quarter ended Sept 30, 2024 (2QFY2025), versus a net profit of RM168,000 for the same period in the previous year, despite a 24.1% rise in revenue to RM28.99 million, as compared to RM23.36 million.
It attributed the quarterly loss to share options expenses of RM4.96 million, and a net foreign exchange loss of RM2.17 million logged in 2QFY2025.
YBS's cash at hand stood at RM11.45 million with total borrowings of RM55.93 million as at end-September 2024.
Losses for the six months ended Sept 30, 2024 (6MFY2025) stood at RM7.65 million versus RM647,000, while revenue was 34.4% higher at RM60.73 million from RM45.19 million.
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