Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on November 23, 2018

Sanichi Technology Bhd (-ve)

TRADING of shares in Sanichi Technology Bhd (fundamental: 0.6/3, valuation 0.9/3) triggered our proprietary momentum algorithm yesterday for the second time this year.

The stock closed one sen or 7.14% higher at 15 sen, with 46.34 million shares done versus the counter’s 200-day average volume of 1.8 million shares.

On Wednesday, Sanichi proposed a renounceable rights issue of up to 1.01 billion new shares at an issue price of 10 sen per rights share together with 506.14 million free detachable warrants in Sanichi on the basis of two rights shares together with one free warrant E for every existing share.

Sanichi Technology is now trading at 0.29 times its net book value.

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