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Emas Kiara Industries Bhd (+ve)

Shares in Emas Kiara Industries Bhd (EKIB) (fundamental: 1.20/3, valuation: 0.30/3) triggered our momentum algorithm for the second time this year when its share price rose as much as five sen or 3.6% to RM1.44 before easing a little to settle at RM1.42.

The counter saw 528,000 shares traded yesterday. In comparison, it saw an average of 98,938 shares traded in the past 200 days. Its share price has jumped 61% year to date.

Last week, the geotechnical engineering company proposed to acquire property development company Cocoa Valley Development Sdn Bhd, from its major shareholder Kim Feng Capital Sdn Bhd (KF Capital), for RM76 million, to be satisfied through the issue of about 65.5 million new EKIB shares at an issue price of RM1.16 per share.

On Jan 18, EKIB received a notice of takeover offer from KF Capital for the acquisition of the remaining shares it does not own at an offer price of 80 sen per share. Last week, news speculated that KF Capital may raise the offer price.

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EKIB (7189) - Stock With Momentum: Emas Kiara Industries
http://www.theedgemarkets.com/my/article/stock-momentum-emas-kiara-industries
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