This article first appeared in The Edge Financial Daily on April 9, 2019

Perak Corp Bhd (-ve)
TRADING of shares in loss-making Perak Corp Bhd (fundamental: 0.9/3, valuation: 0/3) triggered our momentum algorithm for the first time this year yesterday, after some 33,500 shares in the group were traded. Comparatively, its 200-day average volume traded was 8,463.5 shares.

Shares in Perak Corp climbed 4.5 sen or 11.11% to close at 45 sen yesterday, giving it a RM45 million market valuation.

On March 22, the group announced that it had agreed to a forensic audit on its 51%-owned unit, Animation Theme Park Sdn Bhd at the request of the Perak Public Accounts Committee (PAC).

The unit is the owner and operator of the Movie Animation Park Studios (MAPS), an animation theme park located in Ipoh, Perak.

Following a special internal audit, Perak Corp had discovered that the project’s turnkey contractor, Sanderson Design Group (Malaysia) Sdn Bhd, had failed to properly complete works, leading to additional costs.

“A copy of the special internal audit report has been furnished to the PAC for use by the committee as it deems fit and to assist in its on-going inquiry on the MAPS,” the group had said.