DJ MARKET TALK: Enzer +61.9%; Moves Into Ship Chartering Ops (2010/08/11 10:28AM)
0228 GMT [Dow Jones] Enzer Corp. (545.SG) +61.9% at S$0.17 on huge volume,
highest level since August 2008, as investors hopeful of turnaround in
fortunes as audio equipment distributor moves into ship chartering,
brokering businesses. Singapore-based Enzer will acquire 30% stake in
shipping group A3 Offshore for US$974,000, to be funded by proceeds from
Enzer''s recent rights issue. "Enzer Corp is changing skin, from retailing
audio what-nots to becoming an oil and gas play," says trader. Move comes
as Enzer struggling to stem losses. Revenue for fiscal FY10 ended March
down 76% at merely S$121,000 on weak demand, with S$934,000 net loss.
Orderbook quotes suggest price may test S$0.18.
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