KUALA LUMPUR (Feb 8): Shares of NAIM INDAH CORPORATION BHD [] saw huge buy orders for the shares on Wednesday afternoon, though the shares had surged to its limit-up of 48.5 sen.
At 4.30pm, there were buy orders for 10.83 million shares at the prevailing market price while there were buy orders for 20.68 million shares at 48.5 sen.
However, there were no sellers.
Dealers said the large buy orders were due to speculation the shares could hit limit-up again on Thursday but they were cautious over the run-up in the share price.
Earlier in the morning session, a total of 170.06 million shares was transacted in several off-market deals at 18 sen each.
The frenzied buying of Naim Indah was sparked off by the company’s statement that on Feb 3 that its major shareholder – owning a 22.8% stake -- was said to be in discussions with various parties to dispose of the shares.
The shareholder is believed to be Crest Energy Sdn Bhd which owned a 22.8% stake which comprises of 160.06 million shares.
However, Naim Indah said that no details of the proposed disposal, including the price, had been finalised.
At 4.30pm, there were buy orders for 10.83 million shares at the prevailing market price while there were buy orders for 20.68 million shares at 48.5 sen.
However, there were no sellers.
Dealers said the large buy orders were due to speculation the shares could hit limit-up again on Thursday but they were cautious over the run-up in the share price.
Earlier in the morning session, a total of 170.06 million shares was transacted in several off-market deals at 18 sen each.
The frenzied buying of Naim Indah was sparked off by the company’s statement that on Feb 3 that its major shareholder – owning a 22.8% stake -- was said to be in discussions with various parties to dispose of the shares.
The shareholder is believed to be Crest Energy Sdn Bhd which owned a 22.8% stake which comprises of 160.06 million shares.
However, Naim Indah said that no details of the proposed disposal, including the price, had been finalised.
