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Negotiations on the construction of the Xinshan LRT stimulated the price and volume of NYLEX to rise by 20%
Nylex (NYLEX 4944 ), which is controlled by Dato' Siew Ka Wai, announced yesterday that it is negotiating with Johor Bahru to build an LRT system. The news stimulated its share price to soar 20% to 26 cents.
Investors favored the endurance man, and the trading volume soared. By 12 o'clock, a total of 21.64 million shares had been traded.
Rex announced on Wednesday that it was negotiating with CRRC Changchun Railway Vehicles Co Ltd to build a Light Rapid Transit (LRT) system in Johor Bahru, which stimulated the stock trading volume to soar more than 8 times this morning, becoming the No. Four hot stocks.
The group announced the LRT project in March, which is linked to the Johor Singapore Rapid Transit System (RTS Link) project currently under construction. The project will be an integrated property development with "Transport Oriented Development" pending completion of the currently ongoing feasibility study and a concession granted by the Johor State Government.
Nylex had soared to a high of 1.81 ringgit on March 4 and fell 99.45% to 1 sen on March 7.
Nylex managing director Datuk Siew Ka Wai directly holds 1.4 million shares or 0.78% stake in the company. Nylex's annual report shows that his indirect shareholding amounted to 77.88 million shares (43.32%).
