Stock Name: ANNJOO
Company Name: ANN JOO RESOURCES BHD
Ann Joo Resources Bhd's share prices closed the morning trading session unchanged at RM1.33 despite its proposal to dispose its stake in Anshin Precision Industries Sdn Bhd for RM8.9 million.
Throughout the session, the counter stayed pegged at RM1.33 with 138,100 shares changing hands.
Via the disposal of a 59.1 per cent stake in the company, Ann Joo would record a disposal gain of RM1.3 million, said Hong Leong Investment Bank (HLIB) Research in a note to Bernama.
"We see the disposal as immaterial to the company and therefore our neutral view for the counter.
The company still maintained a target price of RM1.33 and put a hold recommendation on the stock.
Nevertheless, HLIB Research said the latest move was in line with Ann Joo's strategy to focus on its core business which was manufacturing and trading of steel products. Bernama
Company Name: ANN JOO RESOURCES BHD
| Research House: HLG | Price Call: HOLD | Target Price: 1.33 |
Ann Joo Resources Bhd's share prices closed the morning trading session unchanged at RM1.33 despite its proposal to dispose its stake in Anshin Precision Industries Sdn Bhd for RM8.9 million.
Throughout the session, the counter stayed pegged at RM1.33 with 138,100 shares changing hands.
Via the disposal of a 59.1 per cent stake in the company, Ann Joo would record a disposal gain of RM1.3 million, said Hong Leong Investment Bank (HLIB) Research in a note to Bernama.
"We see the disposal as immaterial to the company and therefore our neutral view for the counter.
The company still maintained a target price of RM1.33 and put a hold recommendation on the stock.
Nevertheless, HLIB Research said the latest move was in line with Ann Joo's strategy to focus on its core business which was manufacturing and trading of steel products. Bernama
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