Bursa becomes an all familiar scene as Umno takes over at the helm. As Prime Minister Ismail Sabri works tirelessly to consolidate his support including the opposition by signing the CSA, it goes on saying that related companies will profit from this stability. According to Malaysiakini, Communications and Multimedia Minister Annuar Musa will announce steps to be implemented by his ministry to achieve the aspiration of internet access as a human right. The National Digital Network (Jendela) initiative, access to internet facilities would see Privasia Technology gearing for another rally as it did in May.
A slew of changes in its shareholding structure and board composition, suggested that some developments could be unfolding within the group. It closed at 18 sen last Friday. Destini Berhad president and CEO Datuk Rozabil Abdul Rahman bought two million shares in Privasia from the open market giving him a total 5.25% stake in the company. Destini recently secured a contract to provide tubular handling and conductor installation equipment and services from Repsol Oil and Gas Malaysia.
With the award of the contract, the group is currently looking at an orderbook of RM486.63 million for its energy division order book It has already seen a 56% climb for the past month as a sign of recovery after being downgraded by CGS-CIMB Research in March due to their core net loss of RM129 million was nearly five times the RM27.1 million for financial year end Dec 31, 2020 (FY20)
Our Bursa Fortune Teller expects RM0.45 for Destini and RM0.33 for Privasia next week.