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FRB-WA: Lagging Underlying Share Following Shareholding Change

The share price of Formis Resources Berhad (FRB) has risen significantly recently following the change of substantial shareholders.  There was a change in shareholding in Red Zone Development Sdn Bhd, which owns 19.36% equity interest in FRB.  According to announcements to Bursa Malaysia, Wong Kit Leong and Raymond Tan replaced Kamal Effendy Abdul Rashid as shareholder in Red Zone Development.  FRB's price rise may also be attributed to the speculative activity at its 59% subsidiary Diversified Gateway Solutions Berhad (DGSB).  FRB currently has a market capitalization of RM164.5 million while DGSB’s market value is RM108.5 million based on their closing prices on 17 April 2012.

 

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