Pasdec Holdings Bhd (-ve)
SHARES in Pasdec Holdings Bhd (fundamental: 0.55/3, valuation: 0.9/3) triggered our momentum algorithm on Tuesday for the first time this year.
The counter slipped 0.5 sen or 0.83% to close at 60 sen on Tuesday. A total of 387,900 shares exchanged hands compared with its 200-day average trading volume of 279,335 shares.
On Monday, Bursa Malaysia approved Pasdec’s proposal to issue 80 million shares to Jasa Imani Sdn Bhd to acquire Menara Zenith — a 23-storey office tower building with basement parking, a four-star hotel tower and a convention centre — for RM40 million.
The regulator also approved Pasdec’s proposal to list up to 114.39 million rights shares, together with warrants. A Pahang state-owned company, Pasdec is planning for a two-call rights issue with warrants to raise RM34.3 million as it seeks to fund a land premium payment, and for property development and working capital purposes.
Pasdec shares are currently trading at 0.44 times its book value. Its market capitalisation stands at RM123.6 million.