RGB International Bhd (+ve)
TRADING of shares in RGB International Bhd (fundamental: 2.1/3, valuation: 2.4/3) triggered our momentum algorithm yesterday for the first time this year.
The counter saw 19.43 million shares crossed — nearly six times higher than its 200-day average trading volume of 3.28 million shares — before settling 6.25% lower at 22.5 sen.
Last week, The Edge Malaysia weekly reported that the Penang-based electronic gaming machines supplier plans to spin off its technical support and management division and list it on the Hong Kong Exchanges and Clearing Ltd next year.
According to its managing director and substantial shareholder Datuk Chuah Kim Seah, the company requires more capital to expand its concession business in terms of location as well as the number of outlets and gaming machines.