iFAST attributes share price jump to Hong Kong pension project

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Singapore-listed iFAST attributed the surge in its share price Wednesday to the news released earlier this year that it had finalised the prime subcontractor contract for a Hong Kong pension project.

The shares surged 6.45 percent Wednesday to close at S$9.57 in strong volume.

“At this point in time, the group aims to provide the guidance on the potential growth of its overall Hong Kong business for 2023/2024 and beyond along with the release of its 3Q2021 & 9M2021 financial results,” iFAST said in the statement filed in response to a query to SGX.

The company said it wasn’t aware of any information not previously announced which could explain the trading.

In January, iFAST announced it participated in PCCW Solutions’ successful tender for the eMPF Platform project in Hong Kong, with the Singapore-listed company the prime subcontractor for “category C,” which includes Mandatory Provident Fund (MPF) scheme operation services, transformation services and user-delivery services.

The eMPF platform is intended to standardise and automate Hong Kong’s MPF scheme administration in a move to lower fees and create a largely paperless system.

At end-July, iFAST said it finalised the contract for its participation in the project project. While the transaction isn’t expected to have a material earnings impact this year, it will “have a very material financial impact for the years 2023/2024 and beyond,” iFAST said in a filing to SGX at the time.