Limit Up For Pdz On Syed Mokhtar News
Limit-Up For PDZ On Syed Mokhtar News? | When there is news that Tan Sri Syed Mokhtar Albukhary, one of Malaysia's most prominent businessmen is buying shares in bulk in a public-listed company or raising his existing stake in the company, the stock will leap forward despite a bad market.
Why? Because Syed Mokhtar is one of the most powerful and successful businessmen in Malaysia.
Any business he has will boom, well most of it!
Syed Mokhtar controls MMC Corp Bhd whose main business is ports and logistics.
MMC's business under the ports and logistics division include the operations of Pelabuhan Tanjung Pelepas Sdn Bhd, Johor Port Bhd, Northport (Malaysia) Bhd, Penang Port Sdn Bhd, Tanjung Bruas Port Sdn Bhd and Kontena Nasional Bhd.
Internationally, MMC has presence in Saudi Arabia via Red Sea Gateway Terminal Company Ltd, a container port terminal within the Jeddah Islamic Port
So when there is news that he is buying shares in PDZ Holdings Bhd and that he may become a substantial shareholder, there will be a rush for the stock
True enough, the stock has been trading in high volume these past few days
On July 8, some 1.33 billion shares were traded and the price rose to 23 sen
The next day, some 590 million shares were traded and again the stock rose to 23 sen
So is it true that Syed Mokhtar is buying up shares in PDZ
Does the market know more than we do or what are his plans? So why is Syed Mokhtar interested in PDZ
Well to begin with, PDZ may be a cash cow business for Syed Mokhtar who may park the company under his MMC group if he really does become a substantial shareholder
Some also think the substantial stake will pave the way for an asset injection exercise as he is known to do it
Can we then expect PDZ to hit limit-up tomorrow
Trade wise and cautiously
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