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Tanco Holdings Bhd said it has entered into a joint-venture deal with a China-backed construction firm to jointly bid for logistics warehouse and mega-storage construction projects. The firm, CNECC Engineering (Malaysia) Sdn Bhd (CEMSB), is engaged in building construction and project management, with its ultimate parent company being China Nuclear Industry HuaXing Construction Company Ltd. In a filing with Bursa Malaysia on Tuesday, Tanco said the agreement, entered into via its wholly-owned subsidiary Tanco Builders Sdn Bhd (TBSB), aims to leverage the strengths of both parties.
The Company struggles to perform, NTA is only 0.0609, and has poor cash flow. Makes no sense share value can be RM 1.140 with Market Capitalisation of 6.9 billion.
Looking at the Shareholding Changes, we can clearly see the Management, buy and sell amongst themselves to keep the counter interesting. Is funny to see, today the Director will sell millions of shares, then tomorrow buy millions of shares.
Bursa should put this type of Company on watchlist.
This company's fundamentals are clearly out of sync with its valuation, and the insider trading activity is a major red flag pointing towards manipulation. Bursa definitely needs to investigate this situation further as it smells like a classic pump-and-dump scheme.