In June last year, Golden Land Bhd ('GLBhd')
announced the sale of four plantation-based firms and 836.1ha oil palm
land in Sabah to Felda Global Ventures Holdings Bhd (FGV) for
RM655million cash. For more, go here.
It intends to distribute RM190.3 million to its shareholders which
translates into a special dividend of RM0.13 plus a capital repayment of
RM0.75 per share. The distribution of RM190.3 million represents 43%
of the net sale proceeds of RM444 million while the balance will be
used for the plantation and property development
business (43%), working capital (10%) and estimated expenses (4%). With
the bulk of its operation sold, GLBhd will have to rebuild itself. For
more, go here.
Charwise,
this stock has been trapped in a large symmetrical triangle, ABC for
about 10 months. It has a bullish breakout above the triangle at
RM1.57-1.58. MACD has entered positive territory and +DMI is rising
(while -DMI is declining and ADX is trending higher). The stock is
likely to commence its upleg soon.
Based on the technical breakout only, GLBhd could be a trading BUY.
Chart: GLBhd's daily chart as at Mar 15, 2016_12.00pm (Source: ShareInvestor.com)
Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of, GLBhd.
GLBHD (7382) - GLBhd: Bullish Breakout?
http://nexttrade.blogspot.my/2016/03/glbhd-bullish-breakout.html
