Yesterday, the Trans Global Group Inc (OTCMKTS:TGGI) stock was in considerable focus among investors and had ended up with gains of as much as 15%. In light of such gains, it is quite likely that the stock is going to come into focus among investors today.
Trading Data
On Monday, TGGI stock up 15.84% to $0.0117 with more than 38.82 million shares, compared to volume of 28.47 million shares. The stock moved within a range of $0.0100 – 0.0122 after opening trade at $0.0105.
Trans Global Group Inc. Enters Into Share Exchange Agreement and Completes Acquisition of ZXG Holding Ltd.
However, at the same time, it is also necessary to keep in mind that there was no news about the company yesterday that may have led to the gains. The company, which is involved in wine distribution and retail through its Chinese subsidiary Shenzhen Zui Xian Gui Brewery Technology Ltd, made a major announcement on August 8.
The company announced at the time that back on August 3 it had gone into a share exchange agreement with Southsea Global Ltd and ZHX Holdings Ltd. As per the provisions of the agreement, Trans Global Group managed to acquire a 100% stake in the company that it was targeting.
The acquisition of ZHX Holdings Ltd could be a major milestone considering the fact that it operates a major liquor distribution as well as a sales network operating in China. It could give the company a much bigger foothold in one of the world’s biggest markets.
Technical Data
TGGI stock is above the 20-Day and 50-Day Moving averages of $0.0094 and $0.0094 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0136. The stock is down 37% over the past 6-month.
