PETALING JAYA: Hexza Corp Bhd
has announced that it made a gain of RM29.93mil from the sale of an aggregate of 18,000 shares of US-listed tech Nvidia Corp for a total gross cash sum of US$7.9mil or RM37mil in the open market on the Nasdaq stock exchange.
The Nvidia shares were initially purchased between June 9, 2017 and Feb 27, 2023 at an average cost of US$93.15 per Nvidia share.
In a filing with Bursa Malaysia, Hexza stated it disposed of the quoted securities to lower the group’s risk of exposure to a single high-value counter after taking into consideration the overall market conditions of Nvidia shares.
The proceeds from the disposal is said to be used for working capital or to reinvest in other quoted shares.
The disposal is also expected to contribute positively to Hexza’s net assets per share for the financial year ending June 30, 2024, while its earnings per share will not be affected by the disposal.
This is as the group has opted to recognise any net fair value changes in equity instruments through other comprehensive income or loss.
Hexza’s aggregate sale consideration of quoted securities for the preceding 12 months has exceeded 5% of its latest audited consolidated net assets and valued at some RM50.6mil while purchases totalled RM28.9mil.
Hexza’s investment in quoted securities as of Sept 30, 2023 at cost price amounted to RM92.09mil and total book value/total market value stood at RM211.70mil.
Hexza also acquired an aggregate of 115,000 ordinary shares of Symbotic Inc for a total gross cash sum of US$3.72mil or RM17.3mil in the open market on the Nasdaq Stock Market on Sept 30, 2023.
Symbotic is an American robotics warehouse automation company based in Wilmington, Massachusetts. It is an automation technology leader reimagining the supply chain with its end-to-end, AI-powered robotic and software platform.
In its filing, Hexza stated it believed the equity investment will provide a higher return for the company over the long term compared to fixed deposits.
