Quick take: iDimension jumps 40% on finding potential white knight

KUALA LUMPUR: Shares in iDIMENSION CONSOLIDATED BHD jumped 40% in early trade Thursday after it found a potential white knight, EV-Dynamic Sdn Bhd, to revive the company.

The Guidance Note 3 (GN3) company surged 40%, or one sen sen to 3.5sen. It is the fourth most active counter on Bursa Malaysia with 7.31 million shares exchanged hands.

iDimension has inked an agreement with a potential white knight for the injection of new assets and businesses into the company.

The ACE market IT total solutions provider said it signed a three-month-long memorandum of understanding with EV-Dynamic, in what it described as an integral step towards regularisation.

The two parties will discuss the proposed injection of assets, businesses and/or new projects into iDimension, by EVD. Provided negotiations are successful, the two will sign a definitive agreement to codify what has been discussed during the MoU period.

EV provides turnkey solutions for intelligent transportation systems, integrated security systems, rail communications systems, engineering solutions and total hospital information systems in Malaysia and across Asean.

iDimension slipped into GN3 in October, 2018, and is required to submit a regularisation plan to Bursa Malaysia and obtain approval to implement the plan within 12 months of entering GN3 status.

Source: TheStar