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SIGN 7246 SIGNATURE INTERNATIONAL BERHAD acquires 19.9m shares or a 0.72% stake in Hextar Industries for RM11.51m

KUALA LUMPUR (Dec 9): Signature International Bhd, a company involved in the design, marketing and distribution of kitchen and wardrobe systems, has acquired 19.9 million shares or 0.72% of the paid-up share capital of Hextar Industries Bhd for RM11.51 million.

According to Signature International’s bourse filing on Friday (Dec 9), the company purchased the shares in six tranches between Nov 21 and Dec 7 at an average price of 57.8 sen apiece.

Shares in Hextar Industries closed three sen or 4.76% higher at 66 sen on Friday. The company is now valued at RM751.42 million after having surged a staggering 312.5% year to date (YTD).

“The investment is for the company to pursue its investment goals having regard to the prevailing market conditions and part of the company’s short-term investment in quoted securities that are fundamentally sound and have the prospect of generating short-term returns,” Signature International said, adding that the investment was funded via internally-generated funds.

Hextar Industries is principally engaged in fertiliser, equipment rental, heavy equipment and investment holding, according to Signature International.

For the three-month period ended Aug 31, 2022 (3MFY2022), Hextar Industries’s net profit swelled to RM3.09 million from RM232,000 a year earlier, while revenue jumped 104.91% to RM61.4 million from RM29.96 million. The company had changed its financial year end to Dec 31, from Aug 31.

“The increase in the revenue and profit was mainly attributed to higher average selling price at [the] fertiliser division as well as the recovery of heavy equipment and equipment rental divisions following the lifting of enhancement movement control order imposed by the government,” Hextar Industries said.

Businessman Datuk Eddie Ong Choo Meng is Hextar Industries' largest shareholder, via his private vehicle Hextar Holdings Sdn Bhd, with an indirect shareholding of 2.04 billion shares or a 74.091% stake, according to Hextar Industries’ filing on Dec 7.

Besides Hextar Industries, Ong also has interests in companies such as Hextar Global Bhd, Hextar Technologies Solutions Bhd, Hextar Healthcare Bhd (formerly known as Rubberex Corp (M) Bhd), KIP Real Estate Investment Trust, Pekat Group Bhd, SWS Capital Bhd, Opcom Holdings Bhd, Classic Scenic Bhd, and most recently Perak Transit Bhd.

Notably, Hextar Technologies, which has leapt 425.1% YTD to RM13.18 per share, had been slapped with unusual market queries (UMAs) by Bursa Malaysia in October, followed by a caution notice advising investors to make informed decisions in trading the company’s shares.

Signature International’s substantial shareholders are Chin Hin Group with a 32.5% stake (89.7 million shares) and JPND Singapore Pte Ltd with an 8.45% stake (23.32 million shares).

Shares in Hextar Technologies finished 18 sen or 1.35% lower at RM13.18.

Shares in Signature International ended down seven sen or 2.39% at RM2.86, giving the company a market capitalisation of RM844.41 million. YTD, the counter has climbed 107.25%.


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