Nova MSC Bhd (-ve)
TRADING in the shares of software services provider Nova MSC Bhd (fundamental: 1.85/3, valuation: 0/3) triggered our momentum algorithm last Friday for the sixth time this year.
The stock closed half a sen or 2.63% lower at 18 sen, after 92.91 million shares were traded, far above its 200-day average volume of 488,679 shares.
On July 12, Nova MSC inked an agreement with Japan Asia Group Ltd to sell its 51% stake in Singapore-based engineering consulting firm PrimusTech Pte Ltd for S$3 million (about RM8.9 million).
Proceeds from the proposed disposal will be used for the group’s general working capital requirements to support its existing business.