Kuala Lumpur : Cworks Bhd, the company linked to the family of Tan Sri Nor Mohamed Yakcop, the former minister in charge of finance, looks and feels increasingly like a reverse takeover target at best, or a stock that is going to make a big bang soon.
In early December, Datuk Yen Soon Aii, came in as non independent and non executive director. The last time Yen appeared on public view was when he came on board Asdion, with fellow director of Cworks Datuk Mohamed Ridzuan bin Nor Md.
Their entry into Asdion, saw the shares of the company rise dramatically, but the upside looks to have been culled, when both quit Asdion at about the same time.
Today, the company announced that Law Li Li bought 20 million Cworks shares from the open market. Li Li, from Setapak, saw her purchase propel her to become the single largest shareholder in the company, with a 16.53 per cent stake.
Cworks revenue base is small, with profits almost non existent , but its balance sheet looks balanced enough, to make the company an attractive reverse takeover target.
The stock is up over a 52 week period by more than 100 per cent, with the shares last traded at 30.5 sen. The top 6 shareholders own 46.88 per cent of the company, while separately four of its directors own some 17 per cent of the company, meaning for a company with a share base of some 120 million shares, meaning there is only about 45 million shares in the open market.
In early December, Datuk Yen Soon Aii, came in as non independent and non executive director. The last time Yen appeared on public view was when he came on board Asdion, with fellow director of Cworks Datuk Mohamed Ridzuan bin Nor Md.
Their entry into Asdion, saw the shares of the company rise dramatically, but the upside looks to have been culled, when both quit Asdion at about the same time.
Today, the company announced that Law Li Li bought 20 million Cworks shares from the open market. Li Li, from Setapak, saw her purchase propel her to become the single largest shareholder in the company, with a 16.53 per cent stake.
Cworks revenue base is small, with profits almost non existent , but its balance sheet looks balanced enough, to make the company an attractive reverse takeover target.
The stock is up over a 52 week period by more than 100 per cent, with the shares last traded at 30.5 sen. The top 6 shareholders own 46.88 per cent of the company, while separately four of its directors own some 17 per cent of the company, meaning for a company with a share base of some 120 million shares, meaning there is only about 45 million shares in the open market.
CWORKS (0079) - Cworks, increasingly looks like an RTO play or a stock that going to make a big bang soon
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