ENERGY storage and digital transformation enabler Techna-X Bhd (previously Sino Hua-An International Bhd) is poised to announce the appointment of a director from integrated construction/property conglomerate Chin Hin Group Bhd to its top management team within the next two weeks.
In recent months, Techna-X has undergone significant corporate restructuring, including a rights issue of warrants and a major overhaul of its board members.
Additionally, the company’s existing 4.7 billion (4,702,545,618) shares had been consolidated into 235.12 million (235,125,043) shares on May 10 following a capital reduction exercise (the shares were listed on May 13).
“There have also been substantial changes in the ownership of major blocks of Techna-X shares, including those held by current and former directors,” a person familiar with the deal told FocusM while referring to the company’s recent filings to Bursa Malaysia.
“The director from Chin Hin who will soon be sitting on Techna-X’s board is expected to bring valuable expertise and insights, thus further driving Techna-X’s growth and transformation initiatives.”
Moreover, Chin Hin and its controlling shareholders have also been actively acquiring controlling stakes in various companies over the past few years. The notable acquisitions included:
- Chin Hin Group Property Bhd (CHGP) (closed at RM2.84 on May 31);
- Ajiya Bhd (closed at RM1.52 on May 31);
- Signature International Bhd (closed at RM1.47 on May 31);
- Teladan Group Bhd (closed at RM1.02 on May 31);
- Master Tec Group Bhd (closed at RM1.36 on May 31); and
- Fiamma Holdings Bhd (closed at RM1.19 on May 31).
“It is worth noting that following Chin Hin’s involvement, all these companies have turn profitable or become more profitable. All their stock prices are steadily on uptrend and have surpassed RM1 expect for CHGP which is approaching RM3,” asserted the source.
part from the energy storage solutions and technology and digital transformations enabler segments, Techna-X is also engaged in the food and beverage (F&B) business and investment holding activities.
At 2.55pm, Techna-X was up 6.5 sen or 20.31% to 38.5 sen with 20.48 million shares traded, thus valuing the company at RM91 mil. – June 4, 2024
