C I Holdings: UMA could be due to possible investment

by **Cals** Tue 12 May 2015, 22:15

C I Holdings: UMA could be due to possible investment

KUALA LUMPUR: C I Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) said a “just-concluded negotiation with parties regarding a possible investment” may have resulted in a sharp rise in its share price and volume recently.
The company is expected to make an announcement to Bursa Securities ([You must be registered and logged in to see this image.] Financial Dashboard) on the deal within the next few days.
It was responding to Bursa’s queries which had yesterday slapped the company with an unusual market activity query over the recent rise in its share price and volume.
“Apart from (this), we are not aware of any rumour or report concerning the business and affairs of the company that may account for the trading activity,” it said in a filing with Bursa yesterday.
C I Holdings (fundamental: 1.85; valuation: 0.6) is involved in the manufacturing and trading of water taps, showers, and other plumbing fittings.
The stock started its price rally last week after it returned to the black in its third financial quarter results announced last Wednesday. It traded at RM2.35 on May 6.
C I Holdings shares closed down 0.69% at RM2.89 yesterday, with 3.33 million share traded, giving it a market capitalisation of RM466.56 million.

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This article first appeared in The Edge Financial Daily, on May 12, 2015.