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Quick take: REDtone takes a breather after price surge

KUALA LUMPUR: The share price of Redtone Digital Bhd was seen easing off multi-year highs after hitting a peak of 74 sen in early morning trade.

At 10am, the telco and digital infrastructure services provider was down 1.5 sen or 2.17% to 67.5 sen a share on the back of 19.87 million shares traded.

Year to date, the share price is up 87.5% from 36 sen.

The share surged over 25% to close at 69 sen, its highest since November 2015, yesterday as investors bought up the counter in the hours leading up to news that the company had been appointed a universal service provider for the Jendela Phase 1 (Part 2) project.

In an announcement made after trading hours, REDtone said its wholly-owned subsidiary, REDtone Engineering & Network Services Sdn Bhd, had received the notice of approval from the Malaysian Communications and Multimedia Commission on the appointment.

“This covers the design, supply, installation, testing, commissioning and operations of network service equipment.

“It also includes services relating to the provisioning of 2G and 4G public cellular services for 14 clusters covering 213 sites which are part of the Jendela initiative,” it said.

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