Stock With Momentum: Red Sena

This article first appeared in The Edge Financial Daily, on December 27, 2018.
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Red Sena Bhd (+ve)
TRADING of shares in Red Sena Bhd (fundamental: 0.75/3, valuation: 0/3) triggered our momentum algorithm yesterday for the first time this year.

The counter closed up 0.5 sen or 1.02% at 49.5 sen with 7.49 million shares traded versus its 200-day average trading volume of 1.32 million shares.

Last Friday, the food and beverage special purpose acquisition company announced that it would be holding an extraordinary general meeting on Jan 16, 2019 to discuss the voluntary winding up and appointment of liquidators of the company. This follows its failure to secure a qualifying acquisition by its Dec 10, 2018 deadline.

The group in July said this was mainly due to concerns with deal uncertainty and unrealistic valuations.