MNRB, MAA, Malaysian Airline, Telekom: Malaysia Equity Preview
Shares of the following companies may have unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the previous close, unless stated otherwise.
The FTSE Bursa Malaysia KLCI (FBMKLCI) Index was little changed at 1,552.89.
MNRB Holdings Bhd. (MNRB) : The reinsurance company said it received a short-term revolving credit facility for as much as 120 million ringgit ($440 million) from MIDF Amanah Investment Bank Bhd. The money will be used for working capital requirements and to strengthen the balance sheet of its Takaful Ikhlas Sdn. unit, the company said in a statement. The stock rose 2.2 percent to 2.74 ringgit.
MAA Holdings Bhd. (MAA) : The insurer denied a Business Times report that the company is poised to sell 70 percent of its Malaysian Assurance Alliance Bhd. unit to Zurich Insurance Co. for about 1.2 billion ringgit. Talks for the possible sale of MAA’s unit to Zurich Insurance are continuing, the company said in a statement. MAA jumped 22 percent to 1.20 ringgit.
Malaysian Airline System Bhd. (MAS) : The national carrier has “several” Boeing Co. 737 jets that need to be inspected for cracks under guidelines the U.S. planemaker announced after one of the narrow-body aircraft split open during flight. “We are managing the situation to ensure that it will have minimal or no impact to our operations,” Malaysian Air said in an e-mailed statement. The stock rose 1.1 percent to 1.88 ringgit.
Telekom Malaysia Bhd. (T) : The Employees Provident Fund, Malaysia’s biggest pension fund, bought 3.9 million shares in the state-controlled fixed-lined phone and Internet services operator, a stock filing showed. The purchase raised its stake to 12.6 percent, according to the filing. Telekom was unchanged at 4.04 ringgit.
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