Selangor Dredging Bhd (+ve)
TRADING of shares in Selangor Dredging Bhd (fundamental: 0.65/3, valuation: 2.00/3) triggered our momentum algorithm yesterday for the first time this year.

The counter dropped 5.48% or four sen to 69 sen, with 2.37 million shares changing hands. Trading volume was substantially higher compared with the 200-day average trading volume of 52,153.5 shares.

The company’s market capitalisation was RM311.07 million based on yesterday’s closing.

On March 20, the group announced that its 37%-owned associate Fortress Minerals Ltd (FML) received clearance from Singapore Exchange Securities Trading Ltd to list on the Singapore-based bourse’s Catalist board – with a listing date of March 27.

FML is a 37%-owned associate of the group’s wholly-owned subsidiary SDB Mining Sdn Bhd.

Proceeds from its initial public offering will be used for the further development of its Bukit Besi Mine, as well as working capital requirements and potential opportunities domestically or abroad.