Further to our announcements made on 19 September 2013, 24 September 2013, 9 January 2014 and 27 February 2014 in relation to the Proposals, the Board of Directors of FCW wishes to announce that, the Company has obtained its shareholders’approval for the Proposals via the Company’s Extraordinary General Meeting held on 14 March 2014. As such, the conditions precedent set out in the following conditional Sale and Purchase Agreements (“SPAs”) have been fulfilled and that the SPAs have become unconditional:
Conditional Sale and Purchase Agreement dated 19 September 2013 entered into between Federal Telecommunications Sdn Bhd (“FTSB”) and 368 Segambut Sdn Bhd (“the JV”) for the disposal of the FTSB Properties to the JV for the aggregate cash consideration of RM124,717,880.
Conditional Sale and Purchase Agreement dated 19 September 2013 entered into between FCW Industries Sdn Bhd (“FCWI’) and the JV for the disposal of the FCWI Property to the JV for a cash consideration of RM63,255,640.
The Board of Directors of FCW Holdings Berhad is pleased to announce that all the resolutions tabled at the Extraordinary General Meeting of the Company held on 14 March 2014 were approved by the shareholders of the Company who were present in person or by proxy and voted at the meeting.
FCW Holdings (FCW MK) Technical BUY with +11.5% potential return Last price : RM1.31 Target Price : RM1.42, RM1.46 Support : RM1.26 Stop-loss: RM1.24 BUY with a target price of RM1.46 with stoploss below RM1.24. Following a minor correction from the recent high of RM1.33, FCW has rebounded off the 21-day SMA line before yesterday’s gap-up looked set to form a new up-leg. Given the emergence of the strong buying interest as shown by a significantly higher trading volume of 2.9m shares (vs 4- week average of 0.4m) which was recorded yesterday, we expect an upward continuation from here onwards. This was consistent with the growing momentum as signalled by a bullish crossover in Stochastic. Moving forward, we peg our upside target at 1.38x Fibonacci Extension target of RM1.46. Expected Timeframe: 1 week to 1 month
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