KUALA LUMPUR (Sept 8): Hextar Technologies Solutions Bhd (formerly known as Complete Logistics Services Bhd) has secured a moneylender licence from the Ministry of Housing and Local Government.

In a Bursa Malaysia filing on Thursday (Sept 8), Hextar Technologies Solutions said its wholly owned subsidiary, Malsuria (M) Sdn Bhd, had on Sept 5 obtained a moneylender licence issued under the Moneylenders Act 1951 and the Moneylenders (Control and Licensing) Regulations 2003 from the ministry.

“The licence shall be valid for a period of two years from Sept 5, and it is renewable upon the renewal application [being] made with the ministry. The licence allows Malsuria to undertake business of money lending services,” the company added.

Hextar Technologies Solutions, which provides total logistics services, is diversifying into technology businesses. It has also disposed of its entire 14.94% stake in Classic Scenic Bhd for RM32.04 million to its majority shareholder Datuk Eddie Ong Choo Meng.

Last month, the group reported a 29.46% increase in net profit to RM290,000 for the first quarter ended June 30, 2022 (1QFY23) from RM224,000 in the same period a year ago, helped by its logistics segment, which saw higher business volume and improved profit margin.

Quarterly revenue more than doubled, or jumped 158.23%, to RM28.53 million from RM11.05 million, on the back of improved revenue contribution from its expanded trading of building materials business.

According to Bloomberg, Hextar Tech Sdn Bhd is the largest shareholder of Hextar Technologies Solutions with a 50.11% stake, followed by Ong (21.37%) and Pusaka Unggul Sdn Bhd (3.89%).

Hextar Technologies Solution’s share price finished unchanged at RM3.80, bringing it a market capitalisation of RM488.9 million. Year to date, its share price is up 51.39%.