There seems to be new substantial shareholders every other day. Lembaga Tabung Haji (LTH) raised its stake to 21.6% after buying 4m Silver Bird (7136) shares on 17-19 Sep. Meanwhile, Sydney-based CVC Ltd emerged as a substantial shareholder in Silver Bird on 13 Sep with 12.8% folllowing a private placement and open-market purchases. Silver Bird's current substantial shareholders are LTH (21.6%), Dato' Tan Han Kook (19.1%), CVC (12.8%), Perkasa Normandy (9.3%) and Tan Sri Vincent Tan (6.2%). CVC and Perkasa Normandy are JV partners. Something is brewing here but I do not know what. CIMB reckons that LTH or anyone else could take it private at 1.5x P/BV at RM0.75.
Technically, the stock looks very interesting. The stock has broken out of its LT bullish wedge pattern. This is a very good signal that the stock has bottomed out and is now ready to rally higher over the course of a few months. Investors may want to buy nearer to the breakout level of RM0.475. In fact, anywhere close to the psychological RM0.50 is a good level to accumulate.
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