Stock With Momentum: Acme Holdings

This article first appeared in The Edge Financial Daily, on August 15, 2019.
-A +A

Acme Holdings Bhd (-ve)

TRADING of shares in Acme Holdings Bhd (fundamental: 2.6/3, valuation: 1.7/3) triggered our momentum algorithm yesterday for the first time this year. The counter closed down four sen or 13.33% at 26 sen after 38,000 shares were traded. The little-traded stock saw an average 200-day trading volume of 1,342.5 shares.

Formerly known as Supportive International Holdings Bhd, Acme is primarily engaged in property development, as well as being an original equipment manufacturer and original design manufacturer of plastic and wooden audio speaker systems.

Last week, Acme proposed a bonus issue of warrants to reward shareholders, together with a private placement to raise up to RM21.72 million to acquire a development project in Penang.

The group plans to use up to RM20 million from the proceeds to acquire Medan Tropika Sdn Bhd, which owns two parcels of land measuring 178,841 sq ft in Bandar Baru Air Itam, Penang, on which the development is located. Acme will also settle the outstanding RM14.26 million Medan Tropika owes its credit Acme Holdings Bhd (-ve)

TRADING of shares in Acme Holdings Bhd (fundamental: 2.6/3, valuation: 1.7/3) triggered our momentum algorithm yesterday for the first time this year. The counter closed down four sen or 13.33% at 26 sen after 38,000 shares were traded. The little-traded stock saw an average 200-day trading volume of 1,342.5 shares.

Formerly known as Supportive International Holdings Bhd, Acme is primarily engaged in property development, as well as being an original equipment manufacturer and original design manufacturer of plastic and wooden audio speaker systems.

Last week, Acme proposed a bonus issue of warrants to reward shareholders, together with a private placement to raise up to RM21.72 million to acquire a development project in Penang.

The group plans to use up to RM20 million from the proceeds to acquire Medan Tropika Sdn Bhd, which owns two parcels of land measuring 178,841 sq ft in Bandar Baru Air Itam, Penang, on which the development is located. Acme will also settle the outstanding RM14.26 million Medan Tropika owes its creditor.