DOLOMITE Corp Bhd (-ve)
DOLOMITE Corp Bhd (fundamental: 0/3, valuation: 0/3) made it into our Stocks with Momentum list yesterday for the second time this year. It closed up 5.5 sen or 31.43% at 23 sen, after 30.2 million shares were traded, versus the counter’s 200-day average volume of 392,774.5 shares.
The group is principally engaged in integrated quarry and crushing plant operations producing products such as hotmixes and ready-mixed concrete.
Last month, Dolomite announced its unit was disposing of all its equity interest in Dolomite Granite Quarry Sdn Bhd to Sunway Holdings Sdn Bhd for RM125 million. Dolomite said the proposed disposal allowed the company to unlock the value of its quarry assets and that the bulk or RM92 million of the proceeds would be used for payment of redemption sum to Maybank Labuan.
As of yesterday, Dolomite was trading at 2.87 times its net book value.