Allied's price plunge due to business rejig, says director

Singapore

ALLIED Technologies is in the midst of transforming itself from a metal stamping business to an e-commerce, e-payments and loyalty play.

In the process, the penny stock has lost 70 per cent of its value from its peak of S$0.084 last November, amid a "changing of guards" as old shareholders in the metal stamping business give way to new parties interested to invest in the company's new vision.

This also explains the active trading in the counter in recent months, 30-year-old Kenneth L…