Sedania Innovator Bhd (+ve)
TRADING of shares in Sedania Innovator Bhd (fundamental: 0.6/3, valuation: 0.3/3) triggered our momentum algorithm yesterday for the fifth time this year.
The stock price went up two sen or 11.76% to close at 19 sen, after 15.77 million shares were transacted, seven times more than its 200-day average volume of 2.11 million shares.
Early this month, Sedania said it was venturing into the electronic sports or e-sports space via a special-purpose vehicle (SPV) that it would take a 42.55% stake in, to launch a global e-sports tournament and media network.
Dubbed eSports Pro League, it will be launched across 16 countries in Asia, Europe and America.
The company has inked a share subscription agreement with iCandy Interactive Ltd and the former chief of eSports.com AG, Michael Broda, to take part in the venture. iCandy will also have a 42.55% stake in the SPV — Esports Pte Ltd, which was incorporated in Singapore — while Broda will own the remaining 14.9%.