Encorp Bhd, whose major shareholder Federal Land Development Authority (FELDA) is looking to dispose of its stake, saw its shares trading higher today.
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The Edge Malaysia reported that FELDA is looking at exiting Encorp with an asking price of RM1 a share.
The plantation giant was also reportedly eyeing to sell a block of shares to a bumiputera entrepreneur who could turn things around, and in turn, if the share price picks up, FELDA would exit the company.
FELDA has a 69.14% stake in Encorp, which based on its closing price of 29 sen last Friday (Aug 20), is worth RM57.15 million.
In May 2014, through its unit Felda Investment Corp Sdn Bhd, FELDA bought a 49.5% stake in Encorp for RM239.72 million or RM1.55 a share from Tan Sri Mohd Effendi Norwawi. FELDA ended up with a 72.27% stake after forking out a total RM306.11 million.
volatility is still there, because people still un-convince that counter can hold longer
once price keep increasing between ~5-10% daily, its gonna be less volatile
today maintaining above 0.50 (>5%) above 52 weeks high is consider good, BUT if it can be above 0.550 (~>15%), then more people gonna convince it will move higher towards TP RM1.00
PAUSE break awhile, to flush out the weak holders (since yesterday evening) before moving to the next resistance 0.605, after that it will be non-stoppable.
this morning, most counter also slow, still sideways, even though more green counters (391 vs 341) people trade with cautious.
those wish to enter Encorp, now is still the right moment. You're most welcome
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simonscs
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Posted by simonscs > 2021-09-20 16:17 | Report Abuse
i think 2.00 will be best