Iris, Malaysian Resources, PacificMas: 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 rose 0.6 percent to 1,561.93.

Iris Corp. (ICB MK): The supplier of smart cards agreed to form a joint venture with Printis Transport Technologies Sdn., an Internet content provider, to work on mobile reload services projects in Malaysia, according to a company statement. Iris dropped 2.6 percent to 19 sen.

LPI Capital Bhd. (LPI) : The Malaysian insurer said profit in the first quarter ended March 31 rose 0.8 percent from a year earlier to 38.6 million ringgit ($12.7 million), according to a company statement. LPI fell 0.2 percent to 13.76 ringgit.

Mah Sing group Bhd. (MSGB) : The Employees Provident Fund, Malaysia’s largest pension fund, bought 862,600 shares in the property developer, raising its stake to 7.1 percent, a stock exchange filing showed. The stock was unchanged at 2.66 ringgit.

Malaysian Resources Corp. (MRC MK): The property and construction group agreed to spend 110 million ringgit to buy a company that owns 27.4 acres of land near the Kuala Lumpur city center, according to a company statement. Malaysian Resources plans to build offices and homes on the land with an estimated gross development value of 1.2 billion ringgit, it said. The stock added 2.7 percent to 2.32 ringgit.

Olympia Industries Bhd. (OLYM) : Symphony Bonus Sdn. ceased to be a substantial shareholder in the gaming company after selling 2.33 million shares, according to a stock filing. Olympia was unchanged at 39.5 sen.

PacificMas Bhd. (PACM) : The insurer proposed to sell as much as 500 million ringgit in commercial papers and medium-term notes to help refinance debt, according to a statement to the stock exchange. The stock slid 29 percent to 4.16 ringgit.

SapuraCrest Petroleum Bhd. (SCRES) : The Employees Provident Fund disclosed net sales of 3.27 million shares in the oil and gas services provider, a stock filing showed. The stock was unchanged at 3.83 ringgit.

To contact the reporters on this story: Chan Tien Hin in Kuala Lumpur at thchan@bloomberg.net

To contact the editor responsible for this story: Reinie Booysen at rbooysen@bloomberg.net

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