Monday 02 Oct 2023
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This article first appeared in The Edge Financial Daily on March 22, 2019

Hock Heng Stone Industries Bhd (-ve)
TRADING of shares in Hock Heng Stone Industries Bhd (fundamental: 0.45/3, valuation: 0.90/3) triggered our momentum algorithm yesterday for the second time this month.

The last time it triggered our momentum algorithm was last Thursday (March 14).

The counter closed 8.47% or five sen higher to 64 sen — with 450,600 shares changing hands — giving it a market capitalisation of RM47.20 million. This was in comparison to its 200-day average trading volume of 17,410 shares

The group announced on March 14 in a bourse filing that it had received approval to place up to 7.996 million shares via private placement equivalent of 10% of the group’s share capital of 79.96 million shares

The group plans to raise RM4.4 million from the placement — with each share available at 55 sen. Proceeds from the placement will be used for working capital (RM2.3 million), which will be utilised within 12 months from listing; repayment of borrowings (RM1.9 million), within three months of listing; and estimated listing expenses (RM200,000), within a month from listing.

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