Stock With Momentum: Yee Lee Corp

TheEdge Fri, May 03, 2019 10:58am - 4 years View Original


Yee Lee Corp Bhd (+ve)

Trading of shares in Yee Lee Corp Bhd (fundamental: 1.4/3, valuation: 1.4/3) triggered our momentum algorithm yesterday for the first time this year.

The counter closed 0.43% or one sen higher to RM2.33 — with 771,900 shares traded — giving the group a market capitalisation of RM444.52 million. Its 200-day average trading volume was 51,991 shares.

Last Friday, the group announced that it was being taken private by executive chairman and founder Datuk Lim A Heng @ Lim Kok Cheong, his wife Datin Chua Shok Tim @ Chua Siok Hoon, the couple’s son and group managing director Lim Ee Young and holding company Langit Makmur Sdn Bhd (owned by Dymon Asia Private Equity [SE Asia] Fund II Pte Ltd), who were to purchase the remaining 79.69 million shares or 41.59% they did not control in the group for a cash offer of RM2.33 apiece.

In a stock exchange filing yesterday, the group announced that Affin Hwang Investment Bank had been appointed independent adviser on the privatisation plan to see if it was fair and reasonable — which is subject to the Securities Commission Malaysia approving the investment bank’s undertaking as independent adviser.

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