Wednesday, July 13, 2011

OldTown to open slightly higher

KUALA LUMPUR: Cafe chain operator and coffee beverage manufacturer OldTown Bhd is expected to open slightly higher on Wednesday, July 13 amid the overall cautious market sentiment.

Stock market data showed there were buy orders at RM1.30, which was just five sen above its offer price of RM1.25, in pre-opening trade.

Some 63.4 million new shares were issued, of which 10 million were allocated for the public. This portion was oversubscribed by 10.8 times.

Hwang DBS Vickers Research fair value was RM1.50 based on FY12 price-to-earnings of 12 times.

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