Hot News – S5 Systems Won RM1.5 Billion ISS Job; Reverse Take-over of ConnectCounty in the Plan? | The RM1.5 billion National Integrated Immigration System (IIS) contract has been awarded to S5 Systems Sdn Bhd?
This could explain why MyEG Services Bhd recently bought a 10 per cent stake in S4 Systems, which is also said to be close to finalising the reverse take-over of ConnectCounty Holdings Bhd.
MyEG is buying 118 million shares or a 10% stake in S5 Systems from Merrington Assets Ltd for RM90mil.
The shares of ConnectCounty has been inching up strongly since May 12 the stock rose from 9 sen to 35 cents in just 4 week.
Speaking to analysts,they believe that looking at this upward trend in the stock it sort of confirms the deal is almost done.
“There is a lot of speculation that the Company is expected to sign on the dotted line.This holds well for ConnectCounty. We do not have a target price for the stock as it is not under our coverage,but we do believe the stock will move up,”said the analyst.
ConnectCounty told Bursa Malaysia in the middle of June this year that it was in negotiations with the relevant party pertaining to the possible RTO involving S5 Systems.
The company was asked by Bursa Malaysia to clarify an article appearing on the klse.i3investor.com website entitled “This Stock Will Skyrocket More Than Glove Stocks Play! Superb Undervalued!”
It was quoted in the article that ConnectCounty would be the next vehicle for the backdoor listing (reverse takeover) by S5 Systems.