Scanwolf rises after boardroom changes

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KUALA LUMPUR (July 14): Scanwolf Corp Bhd increased as much as 6.5 sen or 16% after the property developer announced boardroom changes.

Scanwolf (fundamental: 0.55; valuation: 0.9) shares rose to an intraday high of 47.5 sen at 3.04pm. The stock saw some 14 million shares done.

Changes in Scanwolf's board include Datuk Othman Talib's appointment as independent and non-executive chairman.

Othman's appointment followed the removal of several Scanwolf directors recently.

On April 23 this year, Scanwolf had appointed PKF Covenant Sdn Bhd to investigate corporate governance breach allegations in the company.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)