MAA Group Bhd (+ve)
TRADING of shares in MAA Group Bhd (fundamental: 0.9/3, valuation: 2.1/3) triggered our momentum algorithm last Friday for the first time since July 2016.
The stock finished 10 sen or 11.11% higher at RM1, valuing the company at RM273.52 million. A total of 11.29 million shares crossed last Friday, compared with the counter’s 200-day average trading volume of 96,843 shares. The stock earlier touched a 14-year high of RM1.03.
At its current price, the stock has gained about 66% from 60 sen apiece after the group announced it had received a privatisation offer.
Last Wednesday, MAA said Melewar Group, its major shareholder with a collective 38.67% stake, was looking to take the Practice Note 17 company private through a selective capital reduction and repayment exercise of RM1.10 per share.