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Notable tradeBrahmal Vasudevan buys substantial stake in IFCA MSC

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Notable tradeBrahmal Vasudevan buys substantial stake in IFCA MSC Empty Notable tradeBrahmal Vasudevan buys substantial stake in IFCA MSC

Post by Cals Wed 27 Aug 2014, 23:23

Notable tradeBrahmal Vasudevan buys substantial stake in IFCA MSC
Business & Markets 2014
Written by by theedgemalaysia.com   
Wednesday, 27 August 2014 22:14

KUALA LUMPUR: Well-known private equity fund manager Brahmal Vasudevan has bought a 5.55% equity stake in IFCA MSC Bhd, according to filing with Bursa Malaysia.
IFCA, which specialises in software solution for property developers, has more than tripled the past two month from below 10 sen to a multi-year high of 39 sen today. 
The frenzy buying interest is partly driven by its latest quarterly earnings. The company posted net profit of RM3 million, or 0.67 sen per share, compared with barely RM578,000, or 0.13 sen per share, in the previous corresponding period. 
Maybank Investment Bank and CIMB Investment Bank have initiated coverage on the company amidst expectation that IFCA will benefit from the software solution upgrade for the implementation of goods & services tax. 
IFCA received an unusual market activitiy from the stock exchange following the sharp rally on its share price on Tuesday, but said it was not aware of any undisclosed corporate developments. That was before the emergence of the new substantial shareholder.  
Vasudevan, who is founder and CEO of private equity fund Creador, recently also surfaced in SMRT Holdings Bhd, which is in the education business. He also holds a 2.2% stake in MY EG Services Bhd. 
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