1Malaysia Email provider's share price soars
Regina LeePublished: Apr 22, 2011 10:03 AM | Updated: Apr 23, 2011 5:48 AM
Though the 1Malaysia email project has received their own share of brickbats, shareholders of the email provider - Tricubes Bhd - are laughing all the way to the bank.
Though the 1Malaysia email project has received their own share of brickbats, shareholders of the email provider - Tricubes Bhd - are laughing all the way to the bank.
The private company has seen its share prices soar to a record six-year high when it was announced that it would be working on the project.
When it was reported that they would be partnering software giant Microsoft for the email project on Tuesday, it was then that the share price really took off.
Share prices were at an all-time low in March 4, 2009 when it closed at 3.5 sen, repeating the feat again on Nov 1, last year.
However, since Prime Minister Najib Abdul Razak’s announcement on Tuesday, the share price had jumped a whopping 491 percent from Monday’s closing price at 5.5 sen to the closing price today which was 32.5 sen.
The jump also meant that the share prices increased by more than eight times since their all-time low.
The share price had already closed four sen higher at 9.5 sen on Tuesday, marking a 72.7 percent jump. It steadily increased again on Wednesday with a 68 percent increment from the day before, closing at 16 sen.
Yesterday it made the highest jump of 96.88 percent, rising to its closing price of 31.5 sen.
It closed only marginally higher at 32.5 sen today.
RM50 million 1Malaysia Email
It was previously reported that Tricubes would be spearheading the 1Malaysia email project, announced by Najib as one of the additional 12 entry-point projects under the Economic Transformation Programme.
Najib had then insisted that Tricubes - whose market capital is at RM42.2 million - would be spending RM50 million of their own money to develop the email service, which he said would “allow direct and secure communications between citizens and the government”.
All Malaysians above the age of 18 years old would also be eligible for the email account, which was later touted as usage for ‘official purposes’, enabling them to receive notices and bills.
However, it was later uncovered that Tricubes was listed by the Bursa Malaysia in the GN3 classification, or a company in need of debt restructuring by Bursa Malaysia. The CEO had later explained problem as being caused by “heavy investment in research and development”.
In a recent radio interview, a Pemandu representative also said that government agencies may be charged RM0.50 per email sent to each user of the 1Malaysia Email account.
Meanwhile, the email account project has spun off another Internet sensation, triggering a Facebook page entitled “1M Malaysians who don’t want Najib’s 1 Malaysia email”.
Since its inception just hours after Najib’s announcement, the page has already netted 43,853 fans.
The private company has seen its share prices soar to a record six-year high when it was announced that it would be working on the project.
When it was reported that they would be partnering software giant Microsoft for the email project on Tuesday, it was then that the share price really took off.Share prices were at an all-time low in March 4, 2009 when it closed at 3.5 sen, repeating the feat again on Nov 1, last year.
However, since Prime Minister Najib Abdul Razak’s announcement on Tuesday, the share price had jumped a whopping 491 percent from Monday’s closing price at 5.5 sen to the closing price today which was 32.5 sen.
The jump also meant that the share prices increased by more than eight times since their all-time low.
The share price had already closed four sen higher at 9.5 sen on Tuesday, marking a 72.7 percent jump. It steadily increased again on Wednesday with a 68 percent increment from the day before, closing at 16 sen.
Yesterday it made the highest jump of 96.88 percent, rising to its closing price of 31.5 sen.
It closed only marginally higher at 32.5 sen today.
RM50 million 1Malaysia Email
It was previously reported that Tricubes would be spearheading the 1Malaysia email project, announced by Najib as one of the additional 12 entry-point projects under the Economic Transformation Programme.
Najib had then insisted that Tricubes - whose market capital is at RM42.2 million - would be spending RM50 million of their own money to develop the email service, which he said would “allow direct and secure communications between citizens and the government”.
All Malaysians above the age of 18 years old would also be eligible for the email account, which was later touted as usage for ‘official purposes’, enabling them to receive notices and bills.
However, it was later uncovered that Tricubes was listed by the Bursa Malaysia in the GN3 classification, or a company in need of debt restructuring by Bursa Malaysia. The CEO had later explained problem as being caused by “heavy investment in research and development”.In a recent radio interview, a Pemandu representative also said that government agencies may be charged RM0.50 per email sent to each user of the 1Malaysia Email account.
Meanwhile, the email account project has spun off another Internet sensation, triggering a Facebook page entitled “1M Malaysians who don’t want Najib’s 1 Malaysia email”.
Since its inception just hours after Najib’s announcement, the page has already netted 43,853 fans.
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