This article first appeared in The Edge Financial Daily on June 19, 2019
Kumpulan Powernet Bhd (-ve)
TRADING of shares in Kumpulan Powernet Bhd (fundamental: 0.95/3, valuation: 0/3) triggered our momentum algorithm yesterday for the sixth time this month.
The stock finished half a sen up at 82.5 sen with a market capitalisation of RM62.82 million. A total of 1.35 million shares were crossed, sharply higher compared with the counter’s 200-day average trading volume of 132,727 shares.
Shares in Kumpulan Powernet staged a strong rally early last month, leaping from their 30-sen level to as high as 84 sen.
The company last week said its certain substantial shareholders and one of its directors were finalising the terms of a share sale agreement to dispose of shares in the wrap-knitted fabric manufacturer following an unusual market activity query from Bursa Malaysia.
SSF Home Builder, holding a 10.99% stake, is Kumpulan Powernet’s single largest shareholder, followed by Lee Chong Hoon Capital Sdn Bhd, in which former director Datuk Lee Chong Hoon is deemed to have an interest with an 8.96% stake.