NexG stock downgraded to Sell, target price lowered to 45 sen
(Calls by analysts tracked by Bloomberg: 4 Buy, 0 Hold, 1 Sell; Consensus target price: 52 sen)
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Sinar Daily
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- Sinar Daily
Ex-IGP Razarudin appointed Classita's non-executive chairman
With decades of service in the police force, Razarudin brings a first-hand understanding of the challenges faced by public servants. 12 Aug 2025 05:23pm Tan Sri Razarudin Husain. Bernama FILE PIX KUALA LUMPUR - Classita Holdings Bhd has appointed former police inspector-general, Tan Sri Razarudin Husain, as its non-executive chairman, effective immediately. His appointment marks a significant step in the company's commitment to public-interest aligned development and stronger governance as it enters a new phase of growth, Classita said in a statement on Monday. It also said this leadership transition coincides with the emergence of NexG Bhd as a substantial shareholder of Classita, following its recent acquisition of a 32.61 per cent equity stake in the company. With decades of service in the Royal Malaysian Police, Razarudin brings a first-hand understanding of the challenges faced by public servants - particularly in securing affordable and dignified housing. Tan Sri Razarudin Husain. Bernama FILE PIX "In line with this, Classita intends to propose the construction of a dedicated residential development to Koperasi Polis Diraja Malaysia (KPDRM) on its Ulu Kelang land, specifically aimed at supporting the welfare and housing needs of police personnel and their families," it said. Classita said this is in line with its shift toward socially responsible, Madani-aligned development. "This initiative is not about property; it's about purpose. By proposing this to KPDRM, we're creating a win-win solution - uplifting the lives of those who serve the nation, while aligning Classita's future with meaningful, socially-driven development,' said Razarudin. As part of the company's internal restructuring, Ng Keok Chai, who was previously executive chairman, has been redesignated as executive director, where he would continue to play an active role in driving project execution and business development under the new direction. - BERNAMA
BusinessToday
a day ago
- BusinessToday
Bulls Back in Action As Bursa Rides Regional Optimism
Bursa Malaysia opened on a firm note on Tuesday, with gains in heavyweight stocks helping the benchmark index edge higher in early trade. At 9.15am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 5.12 points, or 0.33%, to 1,568.36, after touching an intraday high of 1,569.74 and a low of 1,561.83. Broader market sentiment was positive, with the FBM 70 Index up 8.53 points to 16,604.17, the FTSE4Good Bursa Malaysia Index climbing 2.50 points to 945.50, the FBM Emas Index adding 29.81 points to 11,676.94, and the FBM Shariah Index advancing 30.80 points to 11,678.47. Among the most actively traded stocks, Classita Holdings Bhd gained half a sen to 9.5 sen with 1.07 billion shares changing hands, Nexgram Holdings Bhd added one sen to 38.5 sen, and Pharmaniaga Bhd rose half a sen to 18.5 sen. PRG Holdings Bhd slipped half a sen to 12 sen, while TWL Holdings Bhd was unchanged at 2.5 sen. The upbeat start followed positive cues from regional markets, with traders monitoring corporate earnings announcements and external economic data later in the week.
The Star
a day ago
- The Star
NexG plunges, Classita surges on RM77mil deal
PETALING JAYA: In what appears to be a protest to NexG Bhd acquiring a major stake in Classita Holdings Bhd , shareholders dumped the shares of the MyKad supplier, causing the stock to plunge nearly 30% and lose over half-a-billion ringgit in market capitalisation. In contrast, the share price of construction firm Classita jumped by 12.5%, reaching nine sen a share – a level last seen two years ago. Cautious on the RM77mil equity acquisition in Classita, BIMB Research downgraded its rating on NexG to 'sell', pointing out that the immediate risk-reward ratio had turned unfavourable. 'We believe investors should be mindful of the slow-burn nature of property earnings recognition, integration complexity, and the drag of non-core diversification. 'We keep our target price at 45 sen,' stated the research house in an early morning note to clients yesterday. This was before the stock plunged to 37.5 sen by market close yesterday, making it the second top loser on Bursa Malaysia. On Aug 8, NexG – formerly known as Datasonic Group Bhd – announced the acquisition of a 32.61% stake and 414.31 million warrants C in Classita for RM76.78mil. With this acquisition, NexG emerged as the single largest major shareholder of Classita. It also marked NexG's entry into the construction and property development sectors. NexG chairman and chief executive officer Datuk Hanifah Noordin said, in a statement earlier, that the entry into the property and construction sectors is a 'strategic and timely move' for the company. 'We intend to play a more active and visible role in Malaysia's national development by leveraging our financial strength, government networks, and proven track record in mission-critical projects to support the country's housing and infrastructure agenda. 'We view Classita as a strong fit for this ambition, given its credentials and readiness to participate in government-linked projects,' he said. NexG also highlighted Classita's collaboration with Lion Pacific Sdn Bhd to jointly participate in the mass rail transit three project. Lion Pacific, an engineering firm with an extensive track record in railway systems and civil works, will lead the overall system package. Classita, under the proposed arrangement, is expected to undertake the SY303 work package, which involves the supply, testing, and commissioning of electric trains and supporting systems. 'Should the project be awarded to the parties, this strategic partnership will mark Classita's entry into high-value transport infrastructure delivery and strengthen its credentials as a credible contender for long-term public-sector engineering contracts. This is fully aligned with the Madani development agenda. 'In parallel, Classita is advancing plans for a proposed Perumahan Penjawat Awam Malaysia housing project on its Ulu Klang land, providing affordable and quality homes for civil servants. This aligns closely with Madani's emphasis on equitable housing access and targeted community upliftment.' BIMB Research is 'neutral' on NexG's entry into Classita as the near-term earnings impact is minimal, while the long-term execution risk remains high given Classita's volatile track record.
