Investors see gems in GHL, Ewein
KUALA LUMPUR: Timely information provided ample ammunition for GHL Systems Bhd's shares to be chased by investors, while Penang's Ewein Bhd saw eager investors take position on speculation that a major announcement is not very far off.
GHL jumped more than 40 per cent after it told Bursa Malaysia it is planning to take over e-pay Asia Ltd, a company listed on the Australian stock exchange, either via a cash buyout or a share swap deal.
GHL is proposing to pay A$0.40 (RM1.20) in cash for every e-pay share it does not own, or alternatively, e-pay shareholders can convert a single e-pay share for 2.75 GHL shares.
The deal values e-pay at A$22 million while on a per share basis, GHL is valued at 44 sen a share.
GHL shares yesterday closed 13.5 sen higher at 61 sen a share, as some interpret the deal as a reverse takeover of GHL by e-pay's vendor.
GHL was the second most actively traded stock yesterday as investors traded on the confirmed news flow.
At the lower end of the most actively traded equities was Ewein, a metal fabricator, who is seen as a shoe in to win a RM1.3 billion contract.
Speculation that Ewein was on verge of netting the contract has been around since July, which has seen its shares trade between 90 sen and RM1.
Yesterday, forceful buying saw the stock breach the RM1 mark. Its shares rose as much as 18 sen to touch RM1.16 a share before closing the trading day at RM1.09 share.
Ewein has been closely linked with the RM6.3 billion Penang Road and Undersea Tunnel Project following the appointment of Datuk Zarul Ahmad Zulkifli as a director of Ewein's wholly-owned unit, Ewein Land Sdn Bhd, in July.
Zarul is the chairman of Consortium Zenith BUCG Sdn Bhd, which in February this year was picked by the Penang government to undertake the project.
On Sunday, Zenith was officially awarded the project by the state government in a move that market players are taking as the clearest sign yet that Ewein is not far of from making an official announcement soon.