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Revenue jumps 22% in morning trade after assurance on operations despite boardroom tussle

Publish date: Wed, 12 Apr 2023, 11:57 AM

KUALA LUMPUR (April 12): After reassuring its shareholders that its operations remain unaffected amid a boardroom tussle, Revenue Group Bhd’s share price was the top active in the morning trade on Bursa Malaysia on Wednesday (April 12).

At 10:00am, its share price jumped as much as six sen or 22% to 33 sen, valuing the company at RM161.54 million. Revenue’s shares closed at 27 sen on Tuesday.

On Tuesday, the e-payment solutions provider reassured its stockholders that its operations were unaffected by its boardroom tussle.

Group executive director Francis Leong Sen Wui said that the group has placed a new board of directors with relevant experience and knowledge that could enhance its governance, leadership and overall management quality.

Revenue’s founders include the two brothers - Brian Ng Shih Chiow and Dino Ng Shih Fang, and co-founder Eddie Ng Chee Siong, who have ceased to be substantial shareholders of the group, with Eddie having resigned from the managing director position last month.

In addition, Payment Network Malaysia Sdn Bhd (PayNet) said in a statement that its collaboration with Revenue Group remains unchanged.

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