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PASDEC-WA : Out of Africa?

The securities of Pasdec Holdings Berhad resumed trading on 12th June 2019 after the company released its latest Annual Report.  Bursa Malaysia suspended the company’s securities from trading since early May as Pasdec was unable to issue its 2018 Annual Report within the stipulated timeframe of 30th April 2019.  Pasdec stated that it was unable to release its Annual Report on time due to the additional information required by the external auditors of Pasdec Resources SA Ltd.  (PRSA), a subsidiary of the Company in South Africa, to enable them to finalise the audited financial statements of PRSA group for the financial year ended 31 December 2018. 


EFORCE-WA: RM100 mil cash reserves upon expiry

The share price of Excel Force MSC Berhad has fallen off the cliff ever since the change in government took place last May.  Due to the substantial shareholders of the company being perceived as close to the previous administration, Excel Force share price has plummeted from above RM1.00 to as low as 33.5 sen.  While there were some rebounds and volatilities in the last 12 months, the share price of Excel Force is still hovering around 40 sen as the company warrant EFORCE-WA approaches the last month of its existence.  At the close of trading on 11th June 2019, the mother share and warrant of Excel Force were trading at 41 sen and 4.5 sen respectively.


GADANG-WB – Relatively High Valuation Affect Attractiveness

The share price of Gadang Holdings Berhad has staged a strong rally in April on the news that East Coast Rail Link (ECRL) has been revived and the company was said to have submitted its bid for jobs in ECRL.  The Company had on 18th  April announced that Gadang Engineering (M) Sdn Bhd,  its wholly-owned subsidiary had entered into a pre-bid consortium agreement with Million Rich Development Sdn Bhd, a wholly-owned subsidiary of DWL Resources Berhad to work with each other to bid for infrastructure projects and if successful, will jointly undertake a contract for such infrastructure works.  The share price of Gadang rose to as high as 96 sen on 22 April from under 70 sen in the beginning of April.  It has since retreated to hover around 80 sen for most part of May before staging a rally at the end of May to close the month at 86 sen.  The company warrant, GADANG-WB ended at 31.5 sen on 31st May 2019.

TEOSENG-WA: Affected by lacklustre debut of Leong Hup International

Teo Seng Capital Berhad’s share attracted investors’ interest in the earlier part of May 2019, reaching a 52-week high of RM1.43 on 9thMay following stronger earnings and in anticipation of the debut of the biggest IPO of the year of Leong Hup International Berhad.  Teo Seng Capital is a subsidiary of Leong Hup International.  However, after Leong Hup International made a less than impressive debut on Bursa Malaysia and sliding below its IPO price, the mother share and warrant of Teo Seng Capital came under heavy selling pressure.  This was also not helped by Leong Hup International disposing Teo Seng Capital shares in the open market in the middle of the month.  Teo Seng Capital share and warrant ended trading on 28th May at RM1.05 and 24.5 sen respectively.

KOMARK-WB : Arbitrage Opportunity

The share price of Komarkcorp Berhad staged an impressive rally in the last couple of months, rising from 16.5 sen on 1st March 2019 to as high as 39 sen on 3rd May before settling at 29.5 sen at the close on 14th May.  The company warrant KOMARK-WB also rose from 2.5 sen on 1st March to as high as 9 sen on 3rd May.  However, KOMARK-WB has experienced steeper decline than mother share lately perhaps due to its relatively short tenure.  KOMARK-WB closed at 5 sen on 14th May for a conversion discount of 5.1%.

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