Wednesday, 23 July 2008

Tabung Haji buys 14m Ramunia shares

Lembaga Tabung Haji accumulated 14.23 million shares of Ramunia Holdings Bhd from July 10 to 16.

A filing with Bursa Malaysia showed the national pilgrimage fund’s shareholding in Ramunia increased to 18.06% or 99.74 million shares after the recent acquisitions.

It acquired 517,000 shares on July 10 and 9.7 million shares the next day. It bought two million shares on July 14 and 2.02 million shares on July 16. The share price was trading between RM1.54 and RM1.59 during that period.

Ramunia’s share price rose to a 52-week high of RM1.95 on Feb 13 this year while its 52-week low was 76 sen on Aug 17.

At the current price of RM1.60, it is trading at a historical price-to-earnings of 38.28 times.

MISC Bhd is taking control of Ramunia in a reverse takeover and the corporate exercise is expected to be completed by the fourth quarter.

Ramunia is involved in the fabrication of offshore oil and gas related structures and it is also involved in engineering and offshore marine services.

Source : The Star