Sasbadi share price falls despite news to produce and market "Chuck Chicken" printed material

PETALING JAYA: Sasbadi Holdings Bhd's shares fell 1.1% this morning, despite announcing that its unit Sasbadi Sdn Bhd (SSB) has entered into a licence agreement with Animasia Studio Sdn Bhd, to produce, publish and sell printed materials based on the studio's animated television series "Chuck Chicken".
At 10.40am, the stock stood at 89.5 sen with 57,000 shares changing hands. Sasbadi has a market capitalisation of RM375.09 million.
Under the agreement, Animasia Studio granted SSB the publishing rights to produce, publish, distribute, market and sell printed materials (with or without embedded digital technology) utilising and exploiting the work in Malaysia and the rest of the world.
Sasbadi said it expects the agreement to contribute positively to the group and its subsidiaries' earnings and net assets for the financial year ending Aug 31, 2018 onwards, during the duration of the agreement.