Hot Stock Asia Bioenergy rises after Pelaburan Mara becomes substantial shareholder

by **Cals** Fri 26 Sep 2014, 18:25

Hot Stock Asia Bioenergy rises after Pelaburan Mara becomes substantial shareholder

Business & Markets 2014

Written by Kamarul Anwar of theedgemalaysia.com

Friday, 26 September 2014 15:13

KUALA LUMPUR (Sept 26): Asia Bioenergy Technologies Bhd is one of the most active stocks on Bursa Malaysia today, gaining as much as two sen or 11.43%, after news surfaced that Pelaburan Mara Bhd has become a substantial shareholder of the incubator for biofuel producer.

At 2:37 pm, Asia Bioenergy pared its earlier gains to trade at 19 sen, which was 1.5 sen or 8.57% higher than yesterday’s close of 17.5 sen. A total of 102.66 million shares were traded.

Asia Bioenergy warrant, ASIABIO-WA, also gained interest after rising one sen or 10% to 11 sen, with a trade volume of 46.68 million.

Yesterday, Asia Bioenergy reported to the stock exchange that Pelaburan Mara had become a substantial shareholder in its company with a 6.94% stake, after buying 18.32 million or 2.18% of Asia Bioenergy shares on the open market on Sept 17.

With the purchase, Pelaburan Mara now holds 58.32 million Asia Bioenergy shares.

Asia Bioenergy said in its latest quarterly financial report that its performance is subjected to volatility given the nature of its business, being an incubator for high-technology companies and investments in start-ups.

For the first half of its financial year ending Jan 31, 2015 (1HFY15), Asia Bioenergy swung into a net loss of RM1.67 million on revenue of RM18.55 million. This compared with the previous corresponding period’s net profit of RM994,000 and revenue of RM664,000.

Apart from Asia Bioenergy, Pelaburan Mara has also emerged as substantial shareholders in PDZ Holdings Bhd and Sanichi Technology Bhd. Recently, TH Heavy Engineering Bhd said it is placing 52.796 million new shares to Pelaburan Mara, making the latter the third-largest shareholder in the oil and gas player.