Notable Trade Notion VTec executive chairman sells 2.25 million shares

by **Cals** Tue 22 Sep 2015, 23:24

Notable Trade

[size=28]Notion VTec executive chairman sells 2.25 million shares[/size]

By Gho Chee Yuan / theedgemarkets.com | September 22, 2015 : 10:44 PM MYT

KUALA LUMPUR (Sept 22): [size=16]Notion VTec Bhd ([You must be registered and logged in to see this image.] Valuation: 0.90, Fundamental: 1.15) executive chairman Thoo Chow Fah has sold 2.25 million shares, or 0.84% stake, in the loss-making hard disk drive component manufacturer firm.

A filing with Bursa Malaysia by Notion VTec showed that Thoo had today sold the block of shares at 40.2 sen apiece, for RM904,500.

Following the disposal, he now directly holds 20.58 million in Notion VTec, equivalent to a 7.67% stake in the company.

He also controls some 2.62 million shares or a 0.98% stake in the firm through his spouse, Choo Wai Sook.

According to the company's Annual Report 2014, Thoo provides strategic thinking and formulate plans for the current and the future directions of the group to position Notion VTec as a sustainable and profitable company.

Notion VTec slipped into red in the financial year ended Sept 30, 2014 (FY14) with a net loss of RM27.74 million as compared to a net profit of RM20.09 million in FY13. Its annual revenue came in lower by 12.8% year-on-year at RM193.94 million from RM222.32 million in the previous financial year.

However, the company's earnings performance showed improvement in the third quarter ended June 30. Its quarterly net profit grew almost six times to RM7.28 million from RM1.27 million a year ago, while revenue grew 19% at RM62.09 million against RM52.19 million last year. For the nine months ended June 30, its net losses narrowed to RM2.51 million from RM16.12 million a year earlier.

Notion VTec's share price declined three sen or 7% to close at 40 sen today, with a market capitalisation of RM107.31 million. Trade volume was 3.34 million.

(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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