Tadmax Resources Bhd (+ve)
Trading of shares in Tadmax Resources Bhd (fundamental: 1.15/3, valuation: 0.9/3) triggered our proprietary algorithm yesterday for the first time this year.
The counter closed four sen or 14.04% lower at 24.5 sen, after 12.63 million shares were traded. The counter has an average 200-day trading volume of 871,031 shares.
The Edge Malaysia weekly reported that Putrajaya had pulled the plug on Tadmax’s RM3.5 billion power plant project on Pulau Indah, which was awarded via direct negotiation by the previous government.
In response, the group said on Monday that there was no basis for the report and that it had no knowledge of any such cancellation, adding that it had complied with all governmental requirements for the project.