Kejuruteraan Samudra Timur Bhd (-ve)
Samudra (Fundamental: 1.55/3, Valuation: 1.8/3) soared a cumulative 27.1% over the last three trading days, closing at an all-time high of 61 sen yesterday.

This came after Bursa approved its application to be de-classified as a PN17 company given that the company is considered as a cash company as of February 27. To recap, Samudra fell into the PN17 status in April 2014, after disposing of its subsidiary — which then contributed 88.2% of total revenue — for RM80 million.

Following the disposal, Samudra is left with a single tubular inspection and maintenance business which services the oil and gas industry. Net cash stood at RM98.0 million or 98.9% of its market capitalization.

On March 23, joint offerors including major shareholder, Datuk Chee Peck Kiat, proposed to acquire the remaining shares and warrants of Samudra at RM0.48 and RM0.18 each, respectively. The offer closed on June 12, increasing their cumulative stake to 55.92%, from 23.73%.

This article first appeared in The Edge Financial Daily, on July 22, 2015.