PETALING JAYA: Information communications technology (ICT) company Privasia Technology Bhd has been seeing a slew of changes in its shareholding structure and board composition, suggesting that some developments could be unfolding within the group.
On April 21, Bursa Malaysia filings showed that Destini Bhd president and CEO Datuk Rozabil Abdul Rahman bought two million shares in Privasia from the open market giving him a total 5.25% stake in the company.
Likewise, just last week, there were three new appointments to Privasia’s board of directors namely former CEO of Malaysian Investment Development Authority Datuk Azman Mahmud, Leong Kah Chern who is the former group CEO of information technology (IT)-related firm Cuscapi Bhd and Rachel Lau Jean Mei who is the managing partner and co-founder of RHL Ventures Sdn Bhd, a South-East-Asian-based investment firm.
According to Bursa Malaysia filings, RHL “invests intergenerational capital in revolutionary entrepreneurs looking to disrupt existing ways of doing business and making an impact to society” while Leong is said to have at the point of his tenure at Cuscapi, help to turn around the loss-making Cuscapi “into a profit-making one within the first year of management.”
Industry observers said the emergence of such individuals from diverse backgrounds could mean that something was brewing at this smallish company whose market capitalisation is just a little over RM100mil.
Interestingly, the stock has gained some traction too, closing at almost 7% up to 16.5 sen on the last trading day of last week in an overall weaker broader market.
According to information on the company’s website, the Privasia group is an ICT and business process outsourcing player with clients from the logistics, education, finance, manufacturing, and FMCG (fast moving consumer goods) sectors.
Among its businesses, it has an e-procurement solution which provides services for local organisations such as Malaysia Airports, Indah Water Konsortium, SME Bank and Westports, the website said.
It also has a wireless network and mobile solutions segment where it is licensed by the Malaysian Communications and Multimedia Commission to provide network and network facility services as well as offers satellite-based services ranging from managed network services to high speed Internet access services, it said.
Additionally, Privasia also offers broadband applications such as Voice over Internet Protocol, online education, corporate training, video conferencing, and satellite IP virtual private network services, according to the company’s website.
Privasia reported a net loss of RM6.18mil on revenue of RM41.6mil for its financial year ended Dec 31,2020.
It was listed on the ACE Market of Bursa Malaysia in May 2009.