JK Tech shares soar on news of deal with Ezion
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SHARES in JK Tech Holdings shot up yesterday on news of a proposed diversification that will see Ezion Holdings taking a minimum 29.81 per cent and a possible eventual maximum 64.82 per cent stake in the Catalist-listed information technology firm.
After a trading halt from Tuesday last week pending the major announcement, JK Tech resumed trading yesterday with an opening price of 30 cents - double the closing price of 15 cents on April 1. The stock then surged to an intra-day high of 52.5 cents before ending at 51.5 cents, up 36.5 cents or 143 per cent. More than four million shares changed hands for the day.
The proposed transactions announced late last Friday also prompted at least one analyst to recommend that investors "add" Ezion "as more contract wins should catalyse its share price". Shares in mainboard-listed Ezion closed trading yesterday down three cents at $2.11.
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