NWP Holdings Bhd (-ve)
TRADING of shares in NWP Holdings Bhd (fundamental: 0.95/3, valuation: 0.30/3) triggered our momentum algorithm for the first time this year last Friday after some 10.57 million shares in the group were traded. This compared with its 200-day average volume traded of 685,997.5 shares.
The group’s share price rose three sen or 35.29% to close at a five-month high of 11.5 sen, with a market capitalisation of RM45.11 million.
The timber firm had on last Thursday signed an agreement with Borneo Resources to clear, fell, extract, remove, sell and deliver all timber, trees and logs on 605.9ha of planted forest areas in Ranau, Sabah.
Borneo Resources, which is currently the beneficial owner of the land, will secure the cutting permit for the land, while NWP will pay it RM2.5 million as a performance bond for its due performance.