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N2N Connect sees 4.63% stake traded off market for RM20.05m

TheEdge Tue, Sep 24, 2019 09:53pm - 1 year ago

KUALA LUMPUR (Sept 24): Capital market trading platform provider N2N Connect Bhd saw 27.66 million shares crossed off-market today, which represented 4.63% of the company's total 597.88 million shares.

According to Bloomberg data tracking trade of 300,000 shares or more, the shares were transacted in two blocks for a total of RM20.05 million.

Both direct business transactions were carried out at 72.5 sen per share, which is the stock's closing price today. It is not immediately known as to whom the parties involved in the transactions are.

Notably, N2N Connect’s share price has fallen some 39% from when it was trading at RM1.19 a year ago. At the current price, it now has a market capitalisation of RM433.46 million.

Last month, N2N Connect announced its net profit grew 114% to RM2.96 million in the second quarter ended June 30, 2019 (2QFY19), from RM1.38 million in the same period a year ago, which it attributed to an increase in unrealised foreign exchange gain and improved interest income.

The improved earnings came despite quarterly revenue falling 10.79% to RM26.17 million, from RM29.33 million in 2QFY19.

For the cumulative six-months ended June 30, 2019 (1HFY19), N2N Connect’s net profit was up 5.85% to RM8.55 million from RM8.08 million last year, while revenue slid 2.91% to RM53.42 million from RM55.02 million a year ago.

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