PanPages Bhd (-ve)
SHARES in PanPages Bhd (fundamental: 0.75/3, valuation: 0.3/3), which triggered our proprietary algorithm yesterday for the third time this year, closed one sen or 3.77% higher at 27.5 sen.
It saw 20.24 million shares traded, exceeding its 200-day average volume of 1.73 million shares.
On March 2, PanPages announced it would sell its digital agency advertising business for RM1 million, as well as its entire equity interest in PanPages Vietnam Co Ltd for RM1, together with the account receivables due from PanPages Vietnam, which amounted to RM2.3 million, for another RM1.
PanPages made losses for the financial year ended Dec 31, 2016 (FY16) and FY17. The proposed disposals are part of its plan to divest non-profitable advertising business and to refocus on internally developed products.
It plans to use proceeds from the proposed disposals for its Malaysian operations’ working capital.