Dataprep sees another sharp share price surge despite lack of catalyst

TheEdge Mon, Apr 19, 2021 05:04pm - 2 years View Original


KUALA LUMPUR (April 19): Dataprep Holdings Bhd saw another sharp increase in its share price today, continuing its rebound after touching a one-month low of 76 sen on April 14 amid high volatility.

The counter, which was barely traded prior to February this year, saw a spike in trading activity and its share price from Feb 11 onwards despite there not being a substantial catalyst behind the stock's surge.

Within a span of about one month, Dataprep surged over 2,000% to touch a 20-year high of RM3.79 on March 15, before subsequently plunging 80% over the following month to 76 sen.

The sudden plunge had prompted Bursa Malaysia to issue a statement advising investors to exercise caution in the trading of Dataprep shares.

The counter had since rebounded and had at 4.15pm today risen 44 sen or 28% to RM1.98, with some 132.4 million shares traded. Its market capitalisation was RM1.22 billion.

Besides a proposed acquisition of a 51% stake in multimedia hardware and component distributor RIDAA Associates Sdn Bhd and a memorandum of collaboration (MoC) with IT consulting and services provider company Asia Coding Centre Sdn Bhd for provision of integrated solution technology for Covid-19 screening announced to the bourse, there has not been much going on with the company.

However, some of its directors have been accumulating shares since last month.

Independent non-executive director Nor Adha Yahya had acquired one million shares on March 29, after exercising his long term incentive plan (LTIP).

Datuk Abdul Aziz Ishak had also exercised his LTIP, acquiring 300,000 shares on March 4, as well as Mohamad Sabir Sabri, who acquired another 500,000 shares via the LTIP.

Some of its employees have also been exercising the company’s employees’ share options scheme (ESOS), with a total of 14.69 million shares granted since early March this year.

Meanwhile, its major shareholder Tan Sri Muhammad Ikmal Opat Abdullah — the founder of Widad Business Group — had disposed of a block of 11.11 million shares on Feb 16, after acquiring the same number of shares in October last year.

He had subsequently acquired 200,000 Dataprep shares on March 1 from the open market, bringing his total stake in the company to 326.88 million shares or 54.24%.

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