Stock With Momentum: GFM Services

This article first appeared in The Edge Financial Daily, on June 14, 2018.
-A +A

GFM Services Bhd (-ve)

SHARES in GFM Services Bhd (fundamental: n/a, valuation: n/a) triggered our momentum algorithm yesterday for the second time this year.

GFM shares closed 0.5 sen or 0.86% lower at 57.5 sen, giving it a market capitalisation of RM244.019 million, after about five million shares were traded. In comparison, its 200-day average volume was at 594,109 shares.

GFM announced yesterday it has received a letter of award valued at RM33.4 million from Pertubuhan Keselamatan Sosial (Perkeso) to provide integrated facilities management services for Perkeso’s rehabilitation centre in Melaka through an open tender.

The contract is for a period of four years, from June 2018 until June 2022.

The ACE Market-listed counter, which is also in the midst of a private placement exercise involving up to 44.95 million shares, fixed the issue price for the placement at 48.5 sen per share on Tuesday to raise up to RM21.8 million.