Hot stock: iFast up 8% on finalisation of Hong Kong pension contract

SHARES of iFast Corporation AIY : AIY 0%jumped on Monday after it announced that it had finalised its Hong Kong pension project contract on Saturday, which the company said would have a "very material financial impact" from 2023.

The counter hit a high of S$8.66, up 8 per cent or S$0.64 at 9.57am before easing to S$8.57, up 6.9 per cent as at 10.20am.

No married deals were made in early trade, according to ShareInvestor data.

The Hong Kong pension project was announced in January this year when PCCW Solutions - the IT flagship of PCCW Group - won the tender for Hong Kong's eMPF platform.

iFast is PCCW Solutions' prime subcontractor for a category that includes Mandatory Provident Fund (MPF) scheme operation services, transformation services and user delivery services.

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• Hot stock: iFast hits record-high after announcing participation in Hong Kong eMPF project