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NewsHot Stock Delloyd rises as high as 7% on privatisation move
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Hot Stock Delloyd rises as high as 7% on privatisation move
by Cals Mon 19 May 2014, 23:59
| Hot Stock Delloyd rises as high as 7% on privatisation move |
| Business & Markets 2014 |
| Written by Jonathan Gan of theedgemalaysia.com |
| Monday, 19 May 2014 12:26 . KUALA LUMPUR (May 19): Delloyd Ventures Bhd shares rose as much as 7% or 30 sen and was among the top gainers on the stock exchange following Friday's announcement that major shareholders had plans to take the company private. Shares of the company rose to a high of RM4.65 this morning before giving up gains to trade at RM4.59 as of 10:34 am with some365,600 shares done. Last Friday, the company announced it had received a letter from Chung & Tee Ventures Sdn Bhd, which owns 34.24% of the company, requesting it to undertake a selective capital reduction (SCR) and repayment exercise. Delloyd Ventures Bhd’s major shareholders who own a cumulative stake of 63.58%, plans to take the company private via selective capital reduction and repayment exercise of RM4.80 a share. Delloyd was listed among the weekly trading ideas of Maybank Investment Bank which recommended a “short-term buy” “All its positive signals suggest a very strong daily Wave 3 and 5 uptrend. It is likely to break into higher territory, as it breached its key resistance areas in a very clear upward daily Wave 3 and 5 move,” said Regional Chartist Lee Cheng Hooi, of Maybank Investment Bank He placed resistances for the stock at RM 4.57, RM4.63 and RM5.08 with a stop loss at RM 3.85. |
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