KUALA LUMPUR: ECM Libra Financial Group Bhd’s price and trading volume increased sharply yesterday on the news that K&N Kenanga Holdings Bhd is looking to acquire its investment banking business.
ECM Libra’s share price closed two sen higher at 80 sen, reaching an intraday high of 82 sen with 2.12 million shares traded.
Yesterday’s trading volume was 3.5 times more than Wednesday’s 596,100 shares and 91.1% higher than the 30-day average volume of 1.11 million shares.
Meanwhile, Kenanga’s shares were largely unchanged, falling only half a sen to 69.5 sen on a thin volume of 34,600 shares.
The Edge Financial Daily had reported yesterday that the two groups have been given the go-ahead by Bank Negara to proceed with the transaction which will be settled in cash.
According to sources, ECM Libra, which will end up cash-rich after the disposal, will be seeking to acquire a new business.
This article appeared in The Edge Financial Daily, December 2, 2011.
ECM Libra’s share price closed two sen higher at 80 sen, reaching an intraday high of 82 sen with 2.12 million shares traded.
Yesterday’s trading volume was 3.5 times more than Wednesday’s 596,100 shares and 91.1% higher than the 30-day average volume of 1.11 million shares.
Meanwhile, Kenanga’s shares were largely unchanged, falling only half a sen to 69.5 sen on a thin volume of 34,600 shares.
The Edge Financial Daily had reported yesterday that the two groups have been given the go-ahead by Bank Negara to proceed with the transaction which will be settled in cash.
According to sources, ECM Libra, which will end up cash-rich after the disposal, will be seeking to acquire a new business.
This article appeared in The Edge Financial Daily, December 2, 2011.
