** Shares of Australia's I Synergy Group IS3.AX up 50% at A$0.018

** Earlier in the session, stock hit its highest level since August 8, 2022

** The software developer signs memorandum of understanding with with Malaysian technology solutions provider Treasure Global TGL.O

** Under MoU, parties to work together for developing AI cloud infrastructure in Malaysia

** Aggregate value of transaction estimated at about A$600,000 ($396,720)

** Around 30.4 million shares change hands, 16x the 30-day average volume of about 1.9 million

** YTD, stock rises to over 7x its value, including the session's gains

($1 = 1.5124 Australian dollars)

(Reporting by Shruti Agarwal in Bengaluru)

((Shruti.Agarwal@thomsonreuters.com))