Hot Stock Nexgram active on logistic firm acquisition, new CEO
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Hot Stock Nexgram active on logistic firm acquisition, new CEO
- Hot Stock
[size=28]Nexgram active on logistic firm acquisition, new CEO
By Gho Chee Yuan / theedgemarkets.com | January 15, 2016 : 10:45 AM MYTKUALA LUMPUR (Jan 15): Shares in Nexgram Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 1.15) was actively traded in the early trades today after it announced its plan to acquire a Kuantan based logistic firm.
At 10.24am, the stock was unchanged at nine sen, with a trading volume of 29.14 million shares, after touching a high of 9.5 sen shortly after the opening bell.
The counter was the most actively traded stock across the bourse. The current price valuing it at RM169.41 million.
Nexgram is an end-to-end mobile application service provider. It told Bursa Malaysia in a bourse filing yesterday that it has signed a conditional share sale agreement with Hopscoth Invest & Trade Inc for the acquisition of controlling 51% stake inTranseaways Shipping Sdn Bhd for RM41.2 million.
In addition to that, Nexgram has also entered into a profit guarantee agreement with Hopscoth where the latter guarantee and covenant to Nexgram that the audited total profit after tax derived from the ordinary course of business of Transeaways Shipping for the financial year ending Feb 28, 2017 shall not be less than RM3.5 million.
Nexgram will fund the proposed acquisition via internal cash and cash equivalents, and expects the transaction to be completed by the first quarter of 2016.
On the rationale, Nexgram said the logistics sector in Kuantan, where Transeaways Shipping operates its business, has witnessed an encouraging growth for the past few years and continue to be promising.
Meanwhile, Nexgram has redesignated its executive director Alan How Han Lun, 39, as its chief executive officer replacing Datuk Tey Por Yee, 40, who has resigned from his post.
Tey's resignation was for him “to pursue his personal interest and goals”. He also ceased to be a member of the remuneration committee of the company.
(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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