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Hot Stock KNM falls 3% on winding-up petition
by Cals Tue 23 Apr 2013, 11:47
Hot Stock KNM falls 3% on winding-up petition
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 23 April 2013 11:26
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KUALA LUMPUR (April 23): KNM GROUP BHD [] fell as much as 3% after the process-equipment manufacturer was served with a winding-up petition by a client who alleged that the former has failed to fulfill its contractual obligations.
At 11.14am KNM, the tenth most-active stock across the bourse, fell 1.5 sen to its intraday low of 46 sen with some 3.6 million shares transacted.
KNM said yesterday Mission Biofuels Sdn Bhd had served the former with a winding-up petition and demanded RM12.2 million together with interest and cost as compensation.
Mission Biofuels claimed that KNM had not fulfilled its contractual obligations under an engineering, procurement, CONSTRUCTION [] and commissioning project.
Analysts covering KNM have fair values of between 47 and 55 sen for the stock, according to Bloomberg data. Over the last six months, KNM shares had traded at an intraday high of 58.5 sen on November 2, 2012 before falling to a low of 44 sen on December 4 that year.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Tuesday, 23 April 2013 11:26
A + / A - / Reset
KUALA LUMPUR (April 23): KNM GROUP BHD [] fell as much as 3% after the process-equipment manufacturer was served with a winding-up petition by a client who alleged that the former has failed to fulfill its contractual obligations.
At 11.14am KNM, the tenth most-active stock across the bourse, fell 1.5 sen to its intraday low of 46 sen with some 3.6 million shares transacted.
KNM said yesterday Mission Biofuels Sdn Bhd had served the former with a winding-up petition and demanded RM12.2 million together with interest and cost as compensation.
Mission Biofuels claimed that KNM had not fulfilled its contractual obligations under an engineering, procurement, CONSTRUCTION [] and commissioning project.
Analysts covering KNM have fair values of between 47 and 55 sen for the stock, according to Bloomberg data. Over the last six months, KNM shares had traded at an intraday high of 58.5 sen on November 2, 2012 before falling to a low of 44 sen on December 4 that year.
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