5th June, 2013
KUALA LUMPUR: Construction-based Benalec Holdings Bhd saw 5.5 million of its shares traded in an off-market deal on Wednesday.
Stock market data showed the shares were transacted at an average price of RM1.55.
Based on its paid-up of 805.50 million shares, the stake was 0.68% only.
Its share price edged up one sen to RM1.56 at midday.
CIMB Equities Research had started coverage of Benalec with a Trading Buy instead of an Outperform, pointing out the stock should be event-driven. Its target price was RM2.01.
The research house said it was high time to relook its potential as a major player in land reclamation. The signing of a sales and purchase agreement for the first phase of the reclamation job at Tanjung Piai should be a major catalyst.
“The stock is a laggard among Iskandar plays and is now our top pick in the smaller-cap space,” CIMB Research said.