Borneo Oil, EON, ETI Tech, MTD ACPI: Malaysia Equity Preview
Shares of the following companies may have unusual price changes in Malaysia trading. Stock symbols are in parentheses, and share prices are as of 5 p.m. in Kuala Lumpur yesterday.
Malaysia’s FTSE Bursa Malaysia KLCI Index fell 0.3 percent to 1,542.97.
Borneo Oil Bhd. (BORNO MK): The Malaysian restaurant owner and trader of machinery and spare parts said it doesn’t know the reason for the recent surge in its share price. The company was responding to a stock exchange query after the shares jumped 16 percent on Jan. 19 and 4.1 percent on Jan. 21. Borneo Oil slid 0.7 percent to 76 sen.
EON Capital Bhd. (EON MK): The banking group said a Malaysian court will decide on Jan. 31 whether a shareholders’ vote in favor of a 5.06 billion-ringgit takeover by Hong Leong Bank Bhd. (HLBK MK) was legal. The Kuala Lumpur high court postponed a decision initially scheduled for yesterday, the company said in a statement. EON added 0.3 percent to 6.95 ringgit. Hong Leong Bank was unchanged at 9.42 ringgit.
ETI Tech Corp. (ETIT MK): The battery maker said its profit in the first quarter ended Nov. 30 dropped 66 percent from a year earlier to 1.14 million ringgit ($370,000) after sales dropped. ETI Tech was unchanged at 32 sen.
Lii Hen Industries Bhd. (LHI MK): The Malaysian furniture company said it accepted a 1 million ringgit insurance payout from Hong Leong Assurance Bhd. following a fire incident at the main premises of its Favourite Design Sdn. unit. Lii Hen fell 1.7 percent to 1.15 ringgit.
Lion Industries Corp. (LLB MK): The manufacturer of steel bars and wire rods said it proposed to sell 300 million ringgit of Islamic securities to help refinance existing debt. The company’s Antara Steel Mills Sdn. unit will implement the seven- year debt program, it said in a statement. Lion fell 3 percent to 1.96 ringgit.
MTD ACPI Engineering Bhd. (ACP MK): The maker and supplier of precast concrete products said it received a takeover offer at 53 sen a share from Alloy Consolidated Sdn., Alloy Concrete Engineering Sdn. and Alloy Capital Sdn. MTD ACPI fell 1 percent to 51.5 sen.
PLUS Expressways Bhd. (PLUS MK): Malaysia’s largest toll- road operator will ask its shareholders to vote on Feb. 23 on a proposed 23 billion-ringgit takeover offer by UEM Group Bhd. and the Employees Provident Fund, according to an exchange filing. PLUS gained 0.9 percent to 4.48 ringgit.
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