This article first appeared in The Edge Financial Daily, on March 24, 2016.
Anzo Holdings Bhd (-ve)
ANZO (fundamental: 1.2/3, valuation: 0/3), formerly Harvest Court Industries Bhd, saw its shares falling 6.4% to close at 29.5 sen yesterday, with 54.7 million shares traded compared with its 200-day average volume of 2.34 million shares.
The surge in volume of its shares prompted Bursa Malaysia to issue an unusual market activity query yesterday. At the time of writing, the company has yet to respond to the stock-exchange regulator’s query.
Notably, managing director Datuk Chai Woon Chet on Tuesday acquired 3.15 million shares via open market transaction at 32.2 sen per share, increasing its stake in the company to 19.8%.
Anzo is principally involved in manufacturing timber doors, offering kiln-drying services and sawmilling, as well as marketing sawn timber. For the third quarter ended Dec 31, 2015 (3QFY16), Anzo posted a wider net loss of RM4.9 million compared to RM2.7 million a year ago, despite a 64% year-on-year increase in revenue to RM1.8 million.