G Neptune Bhd (-ve)
TRADING of shares in G Neptune Bhd (fundamental: 0/3, valuation: 0/3) triggered our momentum algorithm yesterday for the first time since May 9, 2019.
Shares in G Neptune closed 14.29% or one sen higher at eight sen. The counter saw 2.66 million shares traded, exceeding its 200-day average trading volume of 726,915.5 shares.
The GN3 company proposed a regularisation plan yesterday, which will see it diversify its business into the provision of market expansion services for third-party brands of beverage products as a means to regularise its financial condition, as it does not have any core business to sustain its listing status.
As part of the plan, it will be transferring its shares and listing status to a new investment company, LHO Holdings Bhd, which will be issuing new shares to fund the RM301.91 million acquisition of LHO Asia Sdn Bhd, which is in the said business.