KUALA LUMPUR (June 10): Jade Marvel Group Bhd's (KL:JADEM) change of name to Xin Synergy Group Bhd (KL:XIN) will take effect on Wednesday (June 12), said Bursa Malaysia.

The stock number will remain unchanged, said the exchange in a statement on Monday.

Announcing the name change in a bourse filing on April 18, Jade Marvel said the move was in line with its rebranding initiative aimed at reflecting its new corporate identity and strengthening public confidence in its endeavours.

Jade Marvel is principally involved in manufacturing, property development and moneylending.

In a separate development, Jade Marvel's executive director Tan Boon Wooi has emerged as a substantial shareholder in the company with a 5.62% direct and indirect stake, after acquiring 4.15 million shares on June 6. Based on a back-of-the-envelope calculation, the acquisition would have cost RM747,000.

The company’s largest shareholder is Datuk Goh Yong Chee who controls a 21.06% indirect stake primarily held through JMR Consolidated Holdings Bhd. Other substantial shareholders include Chong Wei Chuan with a 7.35% direct and indirect stake.

For the financial year ended March 31, 2024, the company's net loss narrowed to RM9.9 million from RM19.7 million for the previous year, thanks to higher earnings in its property development division and gains from the disposal of subsidiaries.

Revenue nearly tripled to RM70.58 million from RM23.94 million, attributable to progressive revenue for ongoing property projects, sales of inventories and one-off revenue recognition from a joint venture.

Shares of Jade Marvel closed unchanged at 18 sen at Monday’s market close, valuing the group at RM82.1 million.