Mlabs’ share price on downward streak

PETALING JAYA: Mlabs Systems Bhd's share price fell 3.7% this morning after it said the recent sharp rise in its share price and trading volume could be due to its collaboration with Singapore’s e-horizon Asia Pte Ltd to distribute its multimedia videoconferencing and mobile application products.

As at 10.24am, Mlabs was the fourth most active counters on Bursa Securities. Mlabs plunged to 39 sen with 21.42 million shares changing hands. It has a market capitalisation of RM75.68 million.

Mlabs hit a record of 46.5 sen last Friday and eventually closed at 40.5 sen. Its share price had more than tripled over the past two weeks.

In response to an unusual market activity query, the multimedia conferencing system software developer said it had entered into a distribution and technology collaboration memorandum of intent with e-horizon Asia Pte Ltd. It said the collaboration was done in the ordinary course of the company’s business.