This article first appeared in The Edge Financial Daily on March 21, 2018
Silver Ridge Holdings Bhd (-ve)
SHARES in Silver Ridge Holdings Bhd (fundamental: 0.8/3, valuation: 0/3) triggered our proprietary momentum algorithm yesterday for the third time this year.
The stock closed up two sen or 8.7% at 25 sen, giving it a market capitalisation of RM30.25 million. A total of 20.53 million shares were traded versus the counter’s 200-day average volume of 2,652,577 shares.
On Feb 21, Silver Ridge’s wholly-owned subsidiary Silver Ridge Sdn Bhd had entered into a conditional sale and purchase agreement with Penang Cardiopulmonary Resuscitation Society for the disposal of a unit of the commercial lot for RM560,000 cash.
Silver Ridge said the proposed disposal results from no further use of the said property as a “regional” office of Silver Ridge Group of companies.
The proposed disposal is expected to be completed in the sixth month of the financial year ending June 30, 2018.