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2008-11-17

FMR & FIL was reduced to 6.57% or 255.95 million KNM shares

http://finance.google.com/finance?imgid=686446:Swee+Eng+Lee

FMR LLC and FIL Ltd disposed of more than 38 million shares in KNM Group Bhd in early November.

A filing with Bursa Malaysia showed the funds disposed of 7.13 million shares on Nov 7 and 31.01 million shares on Nov 10.

After the recent disposals, their combined shareholding in the company, which is involved in the oil and gas supporting industries, was reduced to 6.57% or 255.95 million shares.

KNM share price closed at 65.5 sen on Nov 7 and 69 sen on Nov 10. Its share price was trading at a 52-week high of 2.48 on Jan 2.

At the current price of 66.5 sen, it is trading at a historical price-to-earnings of 8.41 times.

When the share go higher above RM 0.70 FMR LLC and FIL Ltd disposed they share in hand. KNM price below RM 0.60 is a good entry prices.

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