KUALA LUMPUR: Velocity Capital Partner Bhd was the most actively traded on the stock market after it announced approvals to make direct salary deductions for financing payments and offer offshore banking services.
Its share price rose as much as 12.5 per cent to nine sen, a 52-week high, as at 11.50am from its closing price of eight sen on Monday.
Some 286 million shares changed hands.
In a filing with Bursa Malaysia Securities, the company said Suruhanjaya Koperasi Malaysia has approved Kod Potongan Gaji Biro Perkhidmatan Angkasa (Kod BPA) for Smart Wisdom Sdn Bhd, a subsidiary of Velocity, which facilitates streamlined credit financing repayments through salary deductions.
The Labuan Financial Services Authority (LFSA) has also granted Velocity with the approval for the acquisition of Oasis Capital Investment Bank Limited (OCIB), a Labuan-based entity, which allows it to offer offshore investment banking capabilities.
Velocity executive director Lim Peng Tong said the approvals from SKM and LFSA are strategic enablers that enhance its service delivery and expand its financial solutions to meet the diverse needs of its clientele.