by Ganesh Sahathevan
Citaglobal Bhd (formerly known as WZ Satu Bhd) is entering the renewable energy (RE) industry through a battery development collaboration with Genetec Technology Bhd.
Genetec founder and managing director Chin Kem Weng said energy storage is significant to its business, and looks forward to the potential collaboration with Citaglobal on a project that will play a part in developing the nation’s renewable energy infrastructure.
However, Genetec has a co-founder, one Aaron Chen Khai Voon. In January 2021 The Edge, describing Chen Khai Voon as Co-founder, major shareholder of Genetec Technology Bhd, reported the following about his sharemarket exploits:
Low-profile businessman Aaron Chen Khai Voon has been quiet on the local corporate scene in the past seven years, since he ceased to be a substantial shareholder of Penang-based property developer Tambun Indah Land Bhd in 2014.
...... it was the eye-popping rally of ACE Market-listed industrial automation house Genetec Technology Bhd, in which Chen is a co-founder and major shareholder with an equity interest of 19.37%, that put him in the limelight this year.
Year to date, shares in Genetec have skyrocketed more than 20 times to close at RM39 on Dec 8, giving it a market capitalisation of RM2.03 billion.
The Genetec euphoria was mainly fuelled by the expectation that the company would obtain contracts from its electric vehicle customers, which could include Tesla Inc.
Notably, the counter shot up to an all-time high of RM49.68 on Nov 3, a few weeks after CGS-CIMB Research initiated coverage on the company, with an “add” call and a target price of RM50.
On Oct 25, Genetec proposed a bonus issue of up to 661.56 million new shares on the basis of 12 bonus shares for every one share held.
More recently, Chen had surfaced as a substantial shareholder of WZ Satu Bhd with a 5.08% stake on Nov 19. He now owns a 14.12% stake in the civil engineering and construction firm, after mopping up shares on the open market and subscribing to private placement shares.
It was reported that Chen might play an active role in WZ Satu, hence it will be interesting to see what value he could bring to the company next year.
TO BE READ WITH
Wednesday, December 21, 2022
Citaglobal, linked to Yang di-Pertuan Agong Al-Sultan Abdullah ,awarded IPP for ECRL Project contract by PM and Minister For Finance, Anwar Ibrahim
by Ganesh SahathevanNot fake news Story below based on Bursamalaysia announcements and NST reports
Citaglobal Berhad (formerly known as WZ Satu Berhad) has informed Bursamalaysia that "Citaglobal consortium wins award to become IPP for ECRL Project"
The Agong appointed Anwar Ibrahim his Prime Minister, and Minister For Finance in late November, just two months after a series of sharemarket manoeuvres that appear to have been designed to eject the previous managers, believed to be his cousins, from Citaglobal.
The Minister of Finance Incorporated's sole shareholder is the Minister for Finance, Anwar Ibrahim.
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