NWP Holdings Bhd (+ve)
SHARES in NWP Holdings Bhd (fundamental: 0.75/3, valuation: 0.3/3) which triggered our momentum algorithm yesterday for the first time this year, closed 1.5 sen or 6.82% higher at 23.5 sen.
It saw 52.64 million shares traded, above its 200-day average volume of 1.7 million shares.
On Monday, NWP said it had inked a heads of agreement (HoA) with LBS Bina Group Bhd to jointly undertake a development project relating to the transformation of the 264-acre (106.84ha) Zhuhai International Circuit (ZIC) in China.
Under the HoA, NWP said LBS will take up a 73.7% stake in NWP’s enlarged share base for RM93.5 million in cash, to part-fund the ZIC development.
The subscription price is 8.5 sen a share, which represents a discount of about 51.4% to its current trading price.