Stock With Momentum: Thriven Global

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This article first appeared in The Edge Financial Daily, on April 7, 2017.

 

Thriven Global Bhd (-ve)
SHARES in Thriven Global Bhd (fundamental: 0.35/3, valuation: 0.9/3), which triggered our momentum algorithm yesterday, closed up half a sen or 1.67% higher at 30.5 sen.

In January, the group announced its collaboration with the Perak State Secretary Inc (Perak SSI) to build affordable houses on 11 pieces of freehold land measuring 43.297 acres (17.52 ha) in Behrang Ulu, Muallim, Perak.

Its 85%-owned subsidiary Thriven NCR Sdn Bhd inked a joint venture (JV) agreement with Perak SSI for the proposed development.

Under the JV agreement, Perak SSI is entitled to RM6.49 million plus 25% of pre-tax profit of the proposed project, while Thriven NCR will be entitled to the remaining 75% of pre-tax profit.

Thriven said Thriven NCR will undertake to develop the proposed project on the pieces of land and to bear the cost of undertaking the project. It will also carry out the marketing and selling of the affordable houses.

The stock saw some 892,500 shares traded and has a market capitalisation of RM114.9 million.