PNE PCB Bhd (-ve)
TRADING of shares in PNE PCB Bhd (fundamental: 1.95/3, valuation: 0.3/3), which triggered our momentum algorithm yesterday for the first time this year, led its shares to close half a sen or 0.92% higher at 55 sen.
A total of 5.78 million shares were done, versus the counter’s 200-day average trading volume of 361,610 shares.
The company manufactures and sells a variety of printed circuit boards.
Earlier this month, PNE PCB proposed a bonus issue of up to 75.61 million warrants on the basis of one warrant for every existing two shares.
Though the proposed bonus issue will not raise any immediate funds as they will be issued at no cost to entitled shareholders, assuming full conversion of the warrants at 38 sen apiece, the company will raise gross proceeds of about RM28.7 million.