Stock Market Books

Thursday, July 11, 2013

Hot Stock Eastland falls 17% after denial by PM's son

Hot Stock Eastland falls 17% after denial by PM's son
Business & Markets 2013
Written by Chong Jin Hun of
Thursday, 11 July 2013 14:49

KUALA LUMPUR (July 11): Eastland Equity Bhd extended losses, falling as
much as 17% after Mohd Nazifuddin Najib refuted rumours that he is seeking
control over the property developer, dealers said.
At 2.37pm, Eastland was traded at 90.5 sen with some six million shares
done. The fourth-largest decliner across the exchange had earlier fallen as
much as 17.5 sen to 88.5 sen.
"There is selling pressure on the stock," a dealer told
over telephone today.
The dealer, however, said the stock could have found its support at 90 sen
after paring losses from its intradaylow of 88.5 sen.
Yesterday, Eastland shares fell 12 sen or 10% to RM1.06.
Bernama, quoting sources, had earlier reported that Nazifuddin who is Prime
Minister Datuk Seri Najib Razak’s son, is seen to be entering the frayto
thwart a group led by businessmen Teh Soon Seng, over control of Eastland.
According to the report, the two groups would likely battle for control of
Eastland, the jewel in the crown, of which, is the Renaissance Kota Bharu,
the onlyfive-star hotel in Kota Baru, Kelantan.
These rumours come at a time when Eastland is planning a private
placement of shares in the company.
Eastland formerlyknown as FURQAN BUSINESS ORGANISATION [] Bhd,
has appointed M&A Securities Sdn Bhd as the main adviser for the private
Eastland also said it will sign a joint-venture agreement with Zalam Corp Sdn
Bhd to jointly develop a piece of vacant land in Kota Bharu. Eastland which
owns the land, said Zalam is an "unrelated party".

Hot Stock EA rises 4% on RM59m contract win

Hot Stock EA rises 4% on RM59m contract win
Business & Markets 2013
Written by Kamarul Anw ar of
Thursday, 11 July 2013 11:27

KUALA LUMPUR (July 11): EA Holdings Bhd extended its gains from
yesterday, after announcing it has clinched a RM59.14 million contract from
Inland Revenue Board of Malaysia (IRB).
At 11:06 am, the shares of the software solutions provider were up by half a
sen or 3.85% at 13.5 sen. A total of 14.79 million shares were transacted
within the 13-14 sen range.
SJ Securities senior remisier Goh Kay Chong told that
“there is no other reason” for investors to chase after EA Holdings shares
except for the multi-million ringgit government contract.
“The companyis making decent profit unlike other software solutions
providers. Projects also keep coming in,” he said over telephone.
Yesterday, the ACE Market-listed EA Holdings announced to Bursa Malaysia
that its wholly owned subsidiary EASS Sdn Bhd has won a RM59.14 million
contract for the provision of mainframe system upgrade services for the IRB’s
central and secondary data centres.
The company added the contract is expected to be completed within six
months and to be extended for another three years for licensing and
maintaining services.
In its first quarter ended March 31, 2013, EA Holdings earned a net profit of
RM1.5 million on revenue of RM11.3 million. This compares to the previous
year quarter’s net profit of RM2.1 million on the back of RM11.6 million in