Singapore “Flyer” of the Week: Internet Technology Group

Internet Technology Group Limited (SGX: N6H) went up 4.5% this week, to close at $0.138 on Thursday. This has made it run away with the Singapore “Flyer” of the Week accolade.

Internet Technology Group is an investment holding company and has investments in firms such as JobsDB, an employment website, and Promedia Directories, publisher of the Green Book business directory.

Last week, in a bid to delist the company, George Goh, the company’s Group Executive Chairman and Chief Executive Officer, together with his two siblings, Steven Goh and Joe Goh, had raised their exit offer price from 12.7 cents per share to 13.8 cents per share. The 12.7 cents per share exit price was initially offered on 25th September 2013.

Steven Goh is the Executive Director of the company and Joe Goh is the Non-Executive and Non-Independent Director of the firm.

The delisting price is a far-shot from the listing price of $3.25 apiece. The firm went public in July 2000. The company said that it no longer needs access to capital markets and that it has not raised any funds from the capital markets since going public.

In August this year, the company released its first half of 2013 (1H 2013) results. It saw its revenue drop 24.9% to $5.8 million and posted a net loss of $226,000, a far cry from the $1.4 million profit seen in 1H 2012.

Internet Technology Group is currently trading at a historical price-to-book ratio of 0.9 and it did not pay out any dividends for the latest concluded financial year.

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The information provided is for general information purposes only and is not intended to be personalised investment or financial advice.  Motley Fool Singapore contributor Sudhan P doesn’t own shares in any companies mentioned.