Rubberex Corp (M) Bhd (+ve)
TRADING of shares in Rubberex Corp (M) Bhd (fundamental: 1.8/3, valuation: 0.6/3) triggered our momentum algorithm yesterday for the ninth time this year.
The company’s share price closed 4.85% or four sen higher at 86.5 sen. Some 10.42 million shares were traded, over seven times the counter’s 200-day average trading volume of 1.44 million shares.
On Monday, the company said Med-Bumikar Mara Sdn Bhd had ceased to be its substantial shareholder after disposing of 67.31 million shares representing a 26.688% stake in the company via a direct business transaction.
The stake was sold to Hextar Global Bhd’s non-independent executive director Datuk Ong Choo Meng, who then transferred it to Erpstar Inc Sdn Bhd, which Rubberex said emerged as its new substantial shareholder on the same day.
Rubberex manufactures household and general-purpose gloves, industrial gloves, and nitrile disposable gloves for exports. It has a production facility located in Bercham, Ipoh.