Axiata, Coastal, MAA, Notion VTEC: 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 fell 0.9 percent to 1,544.

Axiata Group Bhd. (AXIATA) : The mobile phone operator proposed a share buyback of as much as 10 percent of its shares, according to a stock exchange statement. The company will seek shareholder approval for the proposal, Axiata said in a statement. The stock fell 1.9 percent to 4.70 ringgit.

Coastal Contracts Bhd. (COCO) : The shipbuilder said it won sales orders valued at 61 million ringgit ($20 million). Including the new contracts, the company now has about 665 million ringgit of vessel sales orders awaiting delivery to customers up to 2012, Coastal Contracts said in a statement. The shares slid 0.3 percent to 3.42 ringgit.

Harbour-Link Group Bhd. (HALG) : The engineering group won a 75.2 million-ringgit contract to supply cranes to Bintulu Port Sdn., according to a company statement. The stock fell 2.6 percent to 1.11 ringgit.

MAA Holdings Bhd. (MAA) : The insurer has applied for approval from Malaysia’s central bank to enter into an agreement to sell its Malaysian Assurance Alliance Bhd. unit and four other subsidiaries to Zurich Insurance Co., according to a company statement. MAA added 1.5 percent to 1.36 ringgit.

Malayan Banking Bhd. (MAY) : Malaysia’s biggest bank by assets will start trading ex-dividend today, according to a stock exchange filing. This means that investors buying the stock from today won’t be entitled to the company’s dividend of 28 sen a share. Maybank, as the company is known, slipped 0.1 percent to 9.19 ringgit.

Mitrajaya Holdings Bhd. (MHB) : The Malaysian construction company won a 25.6 million-ringgit contract to build houses for Putrajaya Holdings Sdn., according to a company statement. The stock dropped 2.4 percent to 2.41 ringgit.

Notion VTEC Bhd. (NVB) : The metal processor and tools maker said its controlling shareholders have been approached by a party who wants to acquire the entire business of the company. Notion VTEC hasn’t received any proposal yet and negotiations are still on-going, the company said in a statement. The stock rose 1.4 percent to 2.19 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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