4Sight shares take a leap after announcing positive trading results
JSE-LISTED 4Sight Holdings share price jumped 7.69 percent on the JSE after the release of a positive trading update on Friday.
The group said it expected its earnings per share and headline earnings per share to increase by 41.7 percent for the six months to end December.
“The board is pleased to advise that the earnings per share and headline earnings per share for the six-month period from incorporation to December 31, 2017, are expected to be 41.7 percent higher at 0.51 US cents (8c) based on 360 695 468 weighted average shares in issue,” the group said.
As a result, the stock climbed and closed the day at R1.40 on Friday, with a market capitalisation of more than R586 million.
4Sight Holdings listed on the AltX in October last year, becoming the 17th company to list in 2017, in the Non-Equity Investment Instruments sector, so the group does not have comparative information, and will be reporting its first set of results.
However, the group published a profit forecast ahead of its listing, saying it anticipated earnings and headline earnings of 0.36 US cents per share based on 486 867 001 shares.
Its chief executive, Antonie van Rensburg, said at the listing: “At 4Sight Holdings we are extremely excited about being part of the formal capital market through the AltX board.”
4Sight is the first technology company on the market that offers investors the opportunity to directly invest in the fourth industrial revolution, using new technologies such as machine learning, big data and artificial intelligence (AI).
4Sight Holdings, which is incorporated in Mauritius, seeks to enable people to make decisions in the digital economy to better the quality of their being, business and societies. The company operates in telecommunications, media and property services industries, and utilising big data, machine learning, AI,
4Sight expected its earnings per share and headline earnings per share to increase by 41.7%. blockchain technology and data science capabilities.
In January, 4Sight announced that it had entered an agreement to acquire the entire issued share capital and loan account claims of the Foursight South Africa group, effective from January 1, for R85.57m payable in cash and R11.69m through the issue of 36 941 800 4Sight Holdings shares at R2 a share.
The acquisition will give 4Sight control over all of Foursight South Africa subsidiaries.
After acquisition, Foursight South Africa and its subsidiaries became subsidiaries of 4Sight Holdings.