Quick take: MMAG jumps 24% on acquisition news

  • Business
  • Monday, 14 Sep 2020

KUALA LUMPUR: MMAG Holdings Bhd, which has been on an uptrend, jumped over 24% in early trade Monday following its acquisition of digital health solutions company, Maasdots Sdn Bhd.

The IT firm jumped 24.42%, or 21 sen to RM1.07 with 17 million shares traded. MMAG-PA added 1.38%, or one sen to 73.5 sen and MMAG-WB rose 2.01%, or 1.5 sen to 76 sen.

MMAG has acquired Maasdots Sdn Bhd through a shares sale agreement with BrilliantID Sdn Bhd for RM100,000, comprising 2,500 shares.

The company said the acquisition will bridge the widening gap caused by the pandemic in securing and monitoring the borders between countries.

Maasdots is involved in the management, integration and implementation of an end-to-end health screening system namely Travellers Advanced Health Screening System (TAHSS).

The system is intended to integrate with health, travel and immigration authorities and is used for the screening of inbound and outbound visitors to the country.

In addition, MMAG is also looking to acquire an air cargo company to boost its logistics and courier services business, Line Clear Express and Logistics.

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