Mlabs Systems shares dive

PETALING JAYA: Mlabs Systems Bhd’s share price lost 25% of its value yesterday, after it announced a new collaboration agreement with a Chinese party to expand its intellectual properties business.
The company’s stock has been appreciating since early July, to peak at 41 sen last Friday. Yesterday, the stock closed at 21 sen, with some 129.2 million shares changing hands. It has a market capitalisation of RM39.2 million.
Multimedia video conferencing systems firm Mlabs announced on Tuesday a collaboration agreement with China’s Red Dragon Media Ltd for the expansion of intellectual properties (IPs) business.
The collaboration aims to market and perform business activities of both parties to expand the IPs business domestically and internationally.
Red Dragon specialises in creating extraordinary computer animated imagery, stereoscopic video games, visualisation, concept designs and video games development for the entertainment, education and technology industries. It has started work on its own IPs projects to produce feature quality animated movies and television shows since 2016.