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In the wake of decisive boardroom changes, with three subpar directors exiting stage left and the ushering in of fresh leadership ahead of the imminent Extraordinary General Meeting (EGM), Sarawak Consolidated Industries Bhd (SCIB) has found itself in the midst of an unprecedented bull run. Propelled from the modest RM0.150 – RM0.190 share price range, SCIB's surge halted only momentarily, concluding yesterday at a strong RM0.425.
Yet, it's important to note that yesterday's trading day saw just 55.24 million shares change hands.
Amidst this relative calm, a private placement transpired at an issue price of RM0.303. This gives rise to speculation of a potential wave of profit-taking exercises that may have been driving the market over the past two trading days.
Regardless, we continue to observe a robust wave of support for SCIB around the RM0.425 (S1) and RM0.420 (S2) marks. A short-term target price (TP) of RM0.500 remains feasible. The boardroom reshuffle seems to have rejuvenated the market's faith in SCIB, sparking a frenzy of bullish activity that bodes well for the near future.