Minetech in active trading after MoU

PETALING JAYA: Minetech Resources Bhd, who announced that it has signed a memorandum of understanding to go into diamond and gold mining in Indonesia last Friday, was the most actively traded yesterday, with some 169.39 million shares changing hands.
The stock closed half a sen lower at 16 sen yesterday, before hitting a high of 17 sen and a low of 15.5 sen during the day. Masterskill Education Group Bhd (MEGB), who recently announced the entry of a substantial stakeholder Creador LLC, was the second most actively traded, prompting Bursa Malaysia to issue an Unusual Market Activity (UMA) query on the company.
The stock was up 4 sen, or almost 7% yesterday to close at 74.5 sen. Some 122.21 million shares changed hands. MEGB has denied any knowledge of any developments which could have caused the share price to jump.
MEGB announced that it had made a net profit of RM6.4 million for the financial quarter ended Sept 30, 2014 last Friday, as compared to a net loss of RM104.4 million for the same quarter in the corresponding year.
This was on much lower revenue of RM8.68 milion for the period, compared to RM15.6 million for the same period in 2013.
Creador in cooperation with SMRT Holdings Bhd is also set to purchase major shareholder Siva Kumar M Jeyapalan's 32.9% stake in MEGB.
Creador and SMRT have stated their intention to make a mandatory general offer, which will be inadvertently be triggered should they takeover Siva's stake in the group, for 60 sen a share.
Raphia Ltd a subsidiary of Creador, owns a 19.3% stake in MEGB currently.