PETALING JAYA: Shares and warrants in Harvest Court Industries Bhd remained the most active stock on Bursa Malaysia yesterday, continuing the climb from an unknown company to a star performer on the local bourse. This is despite the company’s reminder to investors to trade cautiously with regard to its shares and warrants.
Harvest denied a report in The Edge Financial Daily yesterday which said the company might be close to acquiring a privately held company, 1Green Enviro Sdn Bhd, which is involved in converting agricultural waste into paper. 1Green Enviro is linked to Harvest’s new substantial shareholder Datuk Raymond Chan Boon Siew.
“The company wishes to announce that there was no discussion on the asset injection. This is subject to rumours and reports and the board would like to remind members of the public to trade (with) precaution, based on the fundamentals and announcements made by the company,” it said in a statement.
Harvest’s share price surged 30.5 sen or 34.9% over last Friday’s closing price of 87.5 sen to RM1.18 per share, while its warrants closed 30 sen higher to settle at RM1.05.
Both the shares and warrants were the third and fourth largest gainers respectively yesterday, after DiGi.Com, which topped the list with a 70 sen gain and Fraser & Neave Holdings Bhd adding 38 sen.
Based on yesterday’s closing price, the company’s stock is now trading at 6.79 times book value based on its net tangible assets per share of 17 sen.
This outpaced the FTSE Bursa Malaysia Emas Index, which is trading at 1.8 times book value. To date, the stock has increased by 807.69% from Jan 3 when it closed at 14.5 sen. The FBM Emas Index, on the other hand, shed 3.83% year-to-date to close at 10,089.64 yesterday.
Chan has raised his stake in the company to 16.81% or 28.898 million shares, according to a filing by Harvest with Bursa Malaysia.
The filing showed that Chan acquired 5.09 million shares on Nov 4 at an average price of 84.9 sen in the open market, representing about 2.96% of the company’s total shareholdings. Chan was appointed to the board on Oct 28 after he acquired 23.808 million shares or a 13.83% stake on Oct 18 at 20 sen per share.
Interestingly, Prime Minister Datuk Seri Najib Razak’s son Mohd Nazifuddin Najib also picked up Harvest shares on Nov 4. It was noted that Nazifuddin acquired 2.04 million shares or a 1.19% stake at an average price of 84.5 sen on Nov 4.
Nazifuddin together with Chan joined the Harvest board on Oct 28.
This article appeared in The Edge Financial Daily, November 9, 2011.
Harvest denied a report in The Edge Financial Daily yesterday which said the company might be close to acquiring a privately held company, 1Green Enviro Sdn Bhd, which is involved in converting agricultural waste into paper. 1Green Enviro is linked to Harvest’s new substantial shareholder Datuk Raymond Chan Boon Siew.
“The company wishes to announce that there was no discussion on the asset injection. This is subject to rumours and reports and the board would like to remind members of the public to trade (with) precaution, based on the fundamentals and announcements made by the company,” it said in a statement.
Harvest’s share price surged 30.5 sen or 34.9% over last Friday’s closing price of 87.5 sen to RM1.18 per share, while its warrants closed 30 sen higher to settle at RM1.05.
Both the shares and warrants were the third and fourth largest gainers respectively yesterday, after DiGi.Com, which topped the list with a 70 sen gain and Fraser & Neave Holdings Bhd adding 38 sen.
Based on yesterday’s closing price, the company’s stock is now trading at 6.79 times book value based on its net tangible assets per share of 17 sen.
This outpaced the FTSE Bursa Malaysia Emas Index, which is trading at 1.8 times book value. To date, the stock has increased by 807.69% from Jan 3 when it closed at 14.5 sen. The FBM Emas Index, on the other hand, shed 3.83% year-to-date to close at 10,089.64 yesterday.
Chan has raised his stake in the company to 16.81% or 28.898 million shares, according to a filing by Harvest with Bursa Malaysia.
The filing showed that Chan acquired 5.09 million shares on Nov 4 at an average price of 84.9 sen in the open market, representing about 2.96% of the company’s total shareholdings. Chan was appointed to the board on Oct 28 after he acquired 23.808 million shares or a 13.83% stake on Oct 18 at 20 sen per share.
Interestingly, Prime Minister Datuk Seri Najib Razak’s son Mohd Nazifuddin Najib also picked up Harvest shares on Nov 4. It was noted that Nazifuddin acquired 2.04 million shares or a 1.19% stake at an average price of 84.5 sen on Nov 4.
Nazifuddin together with Chan joined the Harvest board on Oct 28.
This article appeared in The Edge Financial Daily, November 9, 2011.
