Diversified Gateway to change name to DivFex effective April 11

KUALA LUMPUR (April 7): Diversified Gateway Solutions Bhd (DGSB) will operate under the name of Divfex Bhd from Monday (April 11), said Bursa Malaysia.

Accordingly, its current stock short name DGSB will be changed to DFX, while its stock number remains unchanged.

DGSB previously said that the name change was to better reflect the group’s move to refocus on its ICT business and future undertakings.

Its shareholders had approved the name change on April 1 at an extraordinary general meeting, which also saw the approval of its proposed acquisition of a 51% equity stake in Excel Commerce Solutions Sdn Bhd (ECSB) for RM4.59 million, as well as a 51% stake in Finther Tecnologica Sdn Bhd (FTSB) for RM7.65 million.

The group also proposed to dispose a 70% stake in QBI Packaging Sdn Bhd and 70% stake in Makan Channel Sdn Bhd to Insas Technology Bhd for RM3.5 million.

In the April 1 filing, DGSB also said it was actively working towards the strengthening of its financial position and performance to regularise its status, adding that it was cautiously optimistic to submit a regularisation plan to Bursa Securities before July 6.

In its circular to shareholders dated March 9, the group said it had been evaluating several options to regularise its condition as an affected listed issuer pursuant to Rule 8.03A (3)(c) of the Listing Requirements, as its business was negatively impacted by the Covid-19 pandemic.

Its proposed acquisitions of ECSB and FTSB were said to be complementary to DGSB’s existing digital infrastructure business, it said, which will generate sufficient revenue and earnings to enable the company to meet the conditions for regularising its ALC condition.

DGSB’s share price closed unchanged at 11 sen, giving it a market capitalisation of RM82.03 million.

Original article