KUALA LUMPUR (Feb 5): Patimas Computers Bhd, still the most active stock, fluctuated between lower and flattish levels for most part of today on profit taking and investor doubt over the future of the company.
Early yesterday, the stock leapt as much as 38% to 16.5 sen per unit after the firm said its new substantial shareholders planned to call for an extraordinary general meeting (EGM) to remove existing directors and appoint new ones.
But at close yesterday, it fell 4 sen or 33.3% to 8 sen per unit on trades of 385 million shares on profit-taking.
At 4.21pm today, Patimas share was flat at 8 sen on trades of 86.8 million shares, after fluctuating to a high of 9 sen and a low of 7.5 sen earlier.
Patimas said last Friday it had received notice from Syawaras Sdn Bhd and CPE Growth Capital Ltd requesting for an EGM for the removal of Datuk Ng Back Heang, Robert Daniel Tan Kim Leng and Law Siew Ngoh. The three jointly hold less than 1% stake in Patimas.
Syawaras and CPE, collectively own some 12% in Patimas, want to appoint Datuk Seri Abdul Azim Mohd Zabidi, Datuk Nur Jazlan Mohamed, and Lawrence Kwan Ho Ma to the board of the firm.
Nur Jazlan is the chairman of property developer UDA Holdings Bhd while former UMNO treasurer-general Abdul Azim owns Syawaras that holds 7% in Patimas. Hong Kong-based CPE has become a substantial shareholder in Patimas after acquiring 5.2% in the latter.
Chinese newspaper Nanyang Siang Pau reported today the trio have agreed to join hands to take control of Patimas. It was reported that the group intends to get government-linked IT projects for Patimas.
But a senior dealer told theedgemalaysia.com: “Investors took profit yesterday after the news. It continued today as they are unsure about the future of the company.”
Investors’ doubt stems from the fact that the new comers did not come out with any solid business plan to help the Practice Note 17 company out of its current predicament.
Patimas’ huge share volatility in the past month has not helped either. The stock had risen sharply from 3.5 sen early January to 21 sen in mid-January, followed by a plunge to current levels amid wild swings in prices.
Bursa Malaysia had on January 17 warned investors to exercise caution in trading of the stock, reportedly to be one of the stocks under manipulative play by syndicates which the authorities still have not identified.