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Stock With Momentum: Kulim (M)
by Cals Fri 06 May 2016, 01:26
Stock With Momentum: Kulim (M)
By Asia Analytica / The Edge Financial Daily | May 5, 2016 : 10:25 AM MYTThis article first appeared in The Edge Financial Daily, on May 5, 2016.
Kulim (M) Bhd (-ve)
Kulim (M) Bhd (fundamental: 2.60/3, valuation: 1.50/3), which has received the greenlight from shareholders for the delisting of the company from Bursa Malaysia, triggered our momentum algorithm for the first time this year.
The counter closed three sen or 0.76% higher at RM4 yesterday. It saw 10.01 million shares traded, compared with the 200-day average volume of 1.31 million shares.
Kulim’s shareholders in an extraordinary general meeting on Tuesday voted in favour of its controlling shareholder Johor Corp’s proposed selective capital reduction and repayment exercise to facilitate the privatisation of the company.
The delisting exercise is expected to be completed by the third quarter of 2016.
Entitled shareholders are expected to receive an estimated capital repayment of RM2.2 billion in cash or RM4.10 per Kulim share.
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