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UMA Selangor plantation tract seen triggering Southern Acids’ share price, volume rise

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UMA Selangor plantation tract seen triggering Southern Acids’ share price, volume rise

Post by Cals Mon 28 Apr 2014, 13:12

UMA Selangor plantation tract seen triggering Southern Acids’ share price, volume rise

Business & Markets 2014

Written by Chong Jin Hun of theedgemalaysia.com

Monday, 28 April 2014 10:15

KUALA LUMPUR (Apr 28): The rise in Southern Acids (M) Bhd's share price and trading volume could be due to investors pricing in the value of the company's oil palm tract in Selangor.

Southern Acids said this today in a reply to Bursa Malaysia's unsual market activity (UMA) query on trading dynamics of the former's shares.

"The rise in price and volume of our company’s share recently could be due to a certain research house reporting that they are raising their target price on our company’s share as published online.

"The revision was made after the said research house revised their estimate of value on our 260.82 ha (644.49 acres) oil palm estate land in Selangor after equating the said land with property development in the nearby area," Southern Acids said.

Southern Acids said it planned to earmark the land for oil-palm cultivation in the immediate future.

In a separate statement, the company said trading of its shares was suspended between 9am and 10am today. The suspension was in conjunction with Southern Acid's UMA reply to Bursa.

Prior to the suspension, Southern Acids shares closed at RM5.63 last Friday (April 28). This compares with RM3.90 on April 7 this year.

Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
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Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis

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