CIMB wrote based on the news in the Edge Weekly - A Saudi Arabian investor is making an entry into Second Boarder, PJ Bumi, in an exercise that will see the departure of its founder Tan Sri Ahmad Johan. According to sources, the Saudi Arabian company is buying into PJ Bumi to tap its waste and waste-water engineerging expertise, which it hopes to take back to the Middle East.
Technically, the stock is expected to rally further after breaking out of its LT sideways trend last Friday. Leave a stop at RM0.53 and the 6-month target is RM0.92 based on the height of its LT trading band.
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