IFCAMSC (0023) - Hot Stock - IFCA jumps 12% on CFO appointment, CEO's assurance

KUALA LUMPUR (May 26): IFCA MSC Bhd  gained as much as 12% after the IT software specialist announced the appointment of its chief financial officer (CFO). The stock also rose following the company's chief executive officer's (CEO) assurance on its business.

IFCA (fundamental: 3; valuation: 0.8) rose as much as 17 sen to RM1.55 before reducing gains. At 10:14am, IFCA changed hands at RM1.53 with some 20 million shares traded.

This made IFCA the third most-active stock across Bursa Malaysia.

Yesterday, IFCA told the exchange the company had appointed Chow Chee Keng as CFO. The appointment is effective starting today.

Chow's apppointment follows the resignation of IFCA's former CFO Voo Lip Sang last Friday.

Voo's resignation had resulted in IFCA's share price fall yesterday. The drop in the share price prompted Bursa Malaysia to issue an unusual market activity query on IFCA's share trades.

IFCA replied to Bursa Malaysia that it was not aware of reasons behind the share price decline.

However, IFCA CEO Ken Yong told The Edge Financial Daily that the combination of agitated investors and market imagination following Voo's resignation was the most likely explanation for the company’s share price fall.

Yong futher assured investors that IFCA’s accounts were audited by independent auditors and that the company had generated "healthy revenue".

IFCAMSC (0023)

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