Quick take: Vortex falls 16% in active trade

KUALA LUMPUR: Vortex Consolidated Bhd is the most actively traded counter on Bursa Malaysia in early trade Tuesday.

The counter tumbled 16%, or four sen to 21 sen with 24.8 million shares done. In the past one year, the company has gained more than 70.7%.

Vortex is currently involved in IT, construction and property development.

The company has recently proposed to make a big change in its business. It is venturing into the money lending business, as well as asset and fund management and investment banking through offshore Labuan. It has appointed a few senior bankers to spearhead this change.

One of them, Lim Kian Boon, who has had stints with HSBC Malaysia, CIMB Investment Bank and Malayan Banking Bhd, has also acquired a substantial stake in Vortex.

For its money lending business, Vortex has forked out RM2mil to acquire a firm with a money lending licence.

Source: TheStar