Ideal United Bintang International Bhd (+ve)
Trading in the shares of Ideal United Bintang International Bhd (fundamental: 2.1/3, valuation: 1.5/3), which is involved in property development and the trading of heavy machinery and spare parts, triggered our momentum algorithm yesterday for the eighth time this year.
The stock closed nine sen or 6.82% higher at RM1.41, after 1.28 million shares were traded, exceeding its 200-day average volume of 57,885 shares.
Ideal United’s share price has jumped some 139% in the past two months. It was trading at 59 sen apiece on May 8.
The group announced on May 25 that its net profit grew over six times to RM14.69 million from RM2.31 million in the previous corresponding quarter, as revenue surged to RM205.6 million from RM46.07 million.
Its group executive chairman Tan Sri Ooi Kee Liang and his wife Puan Sri Phor Li Wei also offered to acquire the rest of the shares they do not own in Ideal United for 54 sen a share and one sen per warrant in April.
The mandatory unconditional offer was triggered after the couple, via their private investment vehicle ICT Innotech Sdn Bhd, bought an additional 26.9% stake in Ideal United, raising their collective stake to 54.06%. ICT Innotech also controls some 27.16% of the group’s warrants. Minority shareholders largely dismissed the offer, and the offer closed on June 4 with no change to the couple’s shareholdings.