Datasonic Group Bhd (+ve)
TRADING of shares in Datasonic Group Bhd (fundamental: 1.3/3, valuation: 1.5/3) triggered our momentum algorithm yesterday for the first time since October 2015.
The counter closed 2.5 sen or 5.1% higher at 51.5 sen yesterday, with 42.69 million shares done, higher than its 200-day average volume of 9.82 million shares. Datasonic announced on Jan 10 it had incorporated a new subsidiary in the Kingdom of Bahrain. The company will be principally involved in the provision of information and communications technology solutions and services.
Meanwhile, case management is coming up on Jan 22 for the group’s lawsuit with Percetakan Keselamatan Nasional Sdn Bhd (PKN) over its dispute on the supply of 13.41 million Malaysian passport booklets in 2016. PKN is suing to claim about RM25 million of unpaid dues from Datasonic.
Datasonic, which is seeking an amicable settlement with PKN, said on Tuesday the parties are scheduled to update the court on the status of their settlement negotiation.