G Neptune Bhd (-ve)
SHARES in G Neptune Bhd (fundamental: 1.05/3, valuation: 0/3) triggered our momentum algorithm yesterday for the fifth time this year. The counter closed up 0.5 sen or 6.67% at eight sen, after 2.16 million shares were exchanged, compared with its 200-day average volume of 1.39 million shares.
The company provides information technology solutions for the textile and apparel industry in Malaysia and Asia.
On June 13, Hong Kong-listed F8 Enterprises (Holdings) Group Ltd, an oil-product wholesaler and distributor, emerged as a substantial shareholder in the group after acquiring some 20.18 million shares, or 6.99% direct interest, in G Neptune.
G Neptune said F8 Enterprises acquired the shares on June 8 via the open market. F8 Enterprises has a market capitalisation of HK$200 million (RM109.7 million), according to Bloomberg.