Axiata, Country Heights, Gamuda, Sime: Malaysia Equity Preview
The following companies may have unusual price changes in Malaysia trading. Stock symbols are in parentheses, and share prices are from the most recent close. Malaysia’s FTSE Bursa Malaysia KLCI Index was little changed at 1,514.48.
Axiata Group Bhd. (AXIATA MK): The mobile phone operator sold an 18.9 percent stake in Samart Corp. to the Thai company’s existing shareholders for 34.8 million ringgit ($11 million) as part of a plan to focus on its core business, it said in a stock exchange filing. The stock was unchanged at 4.70 ringgit.
Country Heights Holdings Bhd. (CHH MK): Country Heights said bondholders agreed to give it more time to redeem a 150 million ringgit bond. Bondholders approved an extension until Dec. 31, 2011 from Dec. 31, 2010, the property developer said in a statement. The company is working on “refinancing arrangements” to redeem the bond, it said. The stock gained 6.7 percent to 64 sen.
Farlim Group (Malaysia) Bhd. (FG MK): Multi-Purpose Holdings Bhd. (MPU MK) has ceased to be a substantial shareholder of Farlim after selling 8.16 million shares in the property developer, a stock exchange filing showed. Farlim climbed 5.1 percent to 41 sen. Multi-Purpose slid 1.4 percent to 2.18 ringgit.
Gamuda Bhd. (GAM MK): The Employees Provident Fund, Malaysia’s largest pension fund, bought 1 million shares in the construction and property group, raising its stake to 7.3 percent, a stock exchange filing showed. Gamuda added 1.3 percent to 3.86 ringgit.
Selangor Properties Bhd. (SPR MK): The property developer said profit in the fourth quarter ended Oct. 31 rose 48 percent from a year earlier to 53.9 million ringgit after reaping revaluation gains on its investment properties. The stock rose 0.3 percent to 3.40 ringgit.
Sime Darby Bhd. (SIME MK): The country’s biggest palm oil producer said it sued its former Chief Executive Officer Ahmad Zubir Murshid and four others in the Malaysian High Court in Kuala Lumpur in connection with two energy contracts in Qatar and a marine vessel project. The move came after Sime Darby completed an audit into losses at its energy and utilities division. The stock fell 0.1 percent to 8.72 ringgit.
United Malayan Land Bhd. (UML MK): The property group said its joint venture, Nusajaya Consolidated Sdn., has exercised an option to buy a 6.7-acre land in Puteri Harbour in Johor state for 49.6 million ringgit. The joint venture is planning a 670 million ringgit office, residential and retail project on the site, according to a company statement. United Malayan rose 2.4 percent to 1.74 ringgit.
To contact the editor responsible for this story: Darren Boey in Hong Kong at firstname.lastname@example.org