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Hot Stock Hunza jumps 8% after fixing placement share price
by Cals Mon 22 Jul 2013, 14:26
Hot Stock Hunza jumps 8% after fixing placement share price
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 22 July 2013 13:50
KUALA LUMPUR (July 22): HUNZA PROPERTIES [] BHD [] rose as much as 8% till noon break after the property developer fixed the price for its proposed private placement of new shares at RM1.80 each.
At 12.30pm, Hunza settled at RM2.35 with some 520,000 shares done. The exchange's sixth-largest gainer had earlier risen as much as 17 sen to RM2.39.
Kenanga Investment Bank Bhd wrote in a note today that Hunza shares' immediate support and resistance are seen at RM2.02 and RM2.25 respectively.
Hunza said last Friday it had fixed the issue price for its planned private placement of up to 23.81 million new shares at RM1.80 each. At the issue price, Hunza is expected to raise RM42.86 million from the exercise.
"The issue price of RM1.80 per placement share represents a discount of 10% to the five -day weighted average market price of Hunza shares up to and including July 18 2013 of RM2," the firm said.
This compares to Hunza's latest reported book value of RM3.01 a share.
Business & Markets 2013
Written by Chong Jin Hun of theedgemalaysia.com
Monday, 22 July 2013 13:50
KUALA LUMPUR (July 22): HUNZA PROPERTIES [] BHD [] rose as much as 8% till noon break after the property developer fixed the price for its proposed private placement of new shares at RM1.80 each.
At 12.30pm, Hunza settled at RM2.35 with some 520,000 shares done. The exchange's sixth-largest gainer had earlier risen as much as 17 sen to RM2.39.
Kenanga Investment Bank Bhd wrote in a note today that Hunza shares' immediate support and resistance are seen at RM2.02 and RM2.25 respectively.
Hunza said last Friday it had fixed the issue price for its planned private placement of up to 23.81 million new shares at RM1.80 each. At the issue price, Hunza is expected to raise RM42.86 million from the exercise.
"The issue price of RM1.80 per placement share represents a discount of 10% to the five -day weighted average market price of Hunza shares up to and including July 18 2013 of RM2," the firm said.
This compares to Hunza's latest reported book value of RM3.01 a share.
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