Quick take: Sedania jumps 63% in early trade

KUALA LUMPUR: Shares in Sedania Innovator Bhd jumped 63% in early trade on Friday.

The counter, one of the top gainers on Bursa Malaysia, jumped 63.64%, or 10.5 sen to 27 sen with 33 million shares traded.

On Monday, Sedania announced that it is partnering with a consultancy firm specialising in Islamic finance solutions to explore opportunities in the Islamic financing space via a fintech or financial technology platform.

Its wholly-owned Sedania As Salam Capital Sdn Bhd (SASC) inked a joint venture (JV) and shareholders agreement on April 5 with Elzar Shariah Solutions Sdn Bhd to effect the partnership under a new JV company, under which SASC will hold a 70% stake while Elzar will have the remaining 30%.

Sedania said the principal objective of the new JV company is to carry out certain conceptualisation, development and commercialisation activities in relation to fintech and other solutions in Islamic finance.

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