Tuesday, August 24, 2010

Tejari Tech up on hefty volume

KUALA LUMPUR: ACE Market-listed hydraulic systems-maker TEJARI TECHNOLOGIES BHD [] has surged on hefty volume, rising 1.5 sen or 4.69% to 32 sen.

The counter is the fourth most active as of 10.47 am with 17.6 million shares traded.

The volume and price surge follows stock exchange filings on Monday, Aug 23 that director Ooi Chai Huat has acquired a further 0.47% in the company putting his total stake at 14.7%.

On Aug 17, the company announced that its information and communications TECHNOLOGY [] (ICT) unit ICT Utopia Sdn Bhd had been granted Multimedia Super Corridor Malaysia Status (MSC status).

Tejari had only set up ICT Utopia in March to venture into the ICT retail arena, leasing a 30,000 sq ft one-stop centre in Plaza Low Yat, Kuala Lumpur.

MSC status qualifies the company to apply for tax incentives and research and development funding from the government.

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