Abric Bhd (-ve)
Shares of Abric (Fundamental: 1.8/3, Valuation: 3/3) have risen by 10.2% since Monday, closing at a 59.5 sen yesterday, on heavy volume.
Following disposal of its security sealing solutions business for RM146 million in November last year, Abric has become a cash counter under PN16 of the listing requirements. On Jan 21,2015, the company distributed part of the proceeds to shareholders, via a special dividend of 30 sen per share.
Currently, it has net cash of RM75 million or 90% of its market capitalisation.
On July 7, Abric completed the acquisition of a parcel of commercial office premises of approximately 2,917 sq ft in “Q Sentral” – located within KL Sentral development. Abric acquired the parcel for RM3.7 million, which will serve as its new corporate office.
The company has up to December 2015 to submit its regularization plan, failing which may result in suspension and delisting of its shares.