Quick take: Widetech hits limit-up in early trade

KUALA LUMPUR: Widetech (M) Bhd’s shares jumped 29% to an all-time high in early trade Thursday.

The counter surged 29.69%, or 38 sen to RM1.66, making it the top gainer on Bursa Malaysia. Year-to-date, it has appreciated some 176%.

Widetech has not made any corporate announcements recently apart from securities dealings during a closed period.

It announced that director Loh Suan Phang intends to deal in securities of Widetech during the closed period. Loh has 3.53 million, or 7.892% stake in the company.

Widetech is involved in trading in consumer products, manufacturing of precision springs, hotel operator and provision of financial and management services for gaming.

Last month, Widetech announced that its wholly-owned subsidiary, Probusiness Investments Limited had on March 31 entered into a share sale agreement to dispose of all its 720,000 ordinary shares or 40% equity interests in Goldshore Capital Limited (GCL) to Ngai Chew Meng for a total cash consideration of US$1.

It said the purchase consideration of US$1 was arrived at on a willing buyer and willing seller basis after taking into account the net liabilities of GCL Group of RM5.94mil based on the latest audited financial statements of GCL as at March 31.

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