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Dayang: Why did Public Invest recommend sell?


Koon Yew Yin 7 Nov 2019 

If you click the link below you can read Public Invest sell recommendation. Today the price went up by 7 sen and I believe it will continue to go up higher and higher. Obviously, PublicInvest is wrong. What is its intention in sending out a wrong recommendation?   

https://klse.i3investor.com/m/blog/PublicInvest/234015.jsp

Our famous chartist and fund manager also sold all his and his clients’ shares at about Rm 1.50 so that he can buy back at cheaper prices. In fact, he has circulated his sell recommendation to all his clients because he believes the right issues will dampen the price. Obviously, he is also wrong. Unfortunately, many shareholders have been misled and they sold their holdings too early. 

You can read the company’s right issues announcement from Bursa which is as follows: 

NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) : FUND RAISING DAYANG ENTERPRISE HOLDINGS BHD (“DAYANG” OR THE “COMPANY”) RENOUNCEABLE RIGHTS ISSUE OF 96,480,983 NEW ORDINARY SHARES IN DAYANG (“DAYANG SHARES”) (“RIGHTS SHARES”) ON THE BASIS OF 1 RIGHTS SHARE FOR EVERY 10 EXISTING DAYANG SHARES HELD AS AT 5.00 P.M. ON 21 NOVEMBER 2019 (“ENTITLEMENT DATE”) AT AN ISSUE PRICE OF RM0.92 PER RIGHTS SHARE (“RIGHTS ISSUE OF SHARES”)

Today the price went up 7 sen per share because the company has fixed the right issue price at 92 sen per share and I believe it will continue to go up higher and higher.  

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