Stock Name: DAYANG
Company Name: DAYANG ENTERPRISE HOLDINGS BHD
Research House: ECMLIBRA
Company Name: DAYANG ENTERPRISE HOLDINGS BHD
Research House: ECMLIBRA
Dayang Enterprise Holdings Bhd's recent fund raising exercise of RM245 million indicates that it is on merger and acquisition mode, says a research house.
ECM Libra, which maintained a 'hold' recommendation on Dayang at a target price of RM2.04, said the funds came after the company disposed a 40 per cent stake in Borcos Shipping Sdn Bhd for RM135 million and RM110 million from the rights issue.
"Whether they would buy new assets or buy out competitors remain to be seen," it said in a research note here. As at 4.45pm on Bursa Malaysia, the company's share price stood at RM2.04.
ECM Libra also does not expect Dayang to announce any major jobs in the near term as its recent topside maintenance services contract worth RM802 million from Petronas Carigali will only come through in the second half of the year. -- Bernama
ECM Libra, which maintained a 'hold' recommendation on Dayang at a target price of RM2.04, said the funds came after the company disposed a 40 per cent stake in Borcos Shipping Sdn Bhd for RM135 million and RM110 million from the rights issue.
"Whether they would buy new assets or buy out competitors remain to be seen," it said in a research note here. As at 4.45pm on Bursa Malaysia, the company's share price stood at RM2.04.
ECM Libra also does not expect Dayang to announce any major jobs in the near term as its recent topside maintenance services contract worth RM802 million from Petronas Carigali will only come through in the second half of the year. -- Bernama
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