Thursday 28 Mar 2024
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This article first appeared in The Edge Financial Daily on March 12, 2020

Permaju Industries Bhd (-ve)

TRADING of shares in Permaju Industries Bhd (fundamental: 0.75/3, valuation: 0.3/3) triggered our momentum algorithm yesterday for the second time this year.

The counter settled at 99 sen, up 7.5 sen or 8.2%, with 16.42 million shares changing hands, over six times its 200-day average volume of 2.76 million shares.

The group posted a net loss of RM762,000 for the second quarter ended Dec 31, 2019 (2QFY20). It had in December 2019 announced the disposal of its wholly-owned subsidiary Fook Ngiap Sawmill Sdn Bhd (FNSSB) to Glenmaple Gateway Sdn Bhd for RM3.2 million cash.

Permaju said the disposal was in line with its plan to dispose of its non-performing assets or subsidiary and non-core business.

Glenmaple Gateway is involved in construction of buildings, roads and bridges, while FNSSB is into wholesale of logs, sawn timber, plywood, veneer and related products.

Permaju distributes motor vehicles under the Volkswagen and Ford franchises, and is also involved in property development and plantation.

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