Quick take: Vortex gains 10% on approval for money-broking business

KUALA LUMPUR: Vortex Consolidated Bhd rose over 10% in early trade Wednesday after the company secured authority’s approval to operate offshore money-broking business.

The company, formerly known as SKH Consortium Bhd, rose 10.26%, or two sen to 21.5 sen with 4.07 million shares done. Vortex-WB gained 14.29%, or one sen to eight sen.

Vortex announced it has been granted approval from the Labuan Financial Services Authority (LFSA) to carry out its money-broking business in Labuan. Vortex said it received a letter of approval from the LFSA yesterday.

The company also said the approval also carries with it the usual conditions imposed on licence holders.

In April, Vortex purchased a firm with a money-lending licence, Valhalla Holdings Sdn Bhd, for RM2mil, as part of its plan to diversify its business.

The information technology and property construction group, which began to diversify into money lending recently, said this was in line with its strategic move into the financial services and financial institution sector.

“The money-broking licence will allow the company to deal in the digital assets exchange market once the company satisfies LFSA’s conditions,” Vortex said.

Source: TheStar