AIC, AutoV, HPI Resources, Jotech, MAS: 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 0.2 percent to 1,548.81 on July 29.
Semiconductor, auto-parts stocks: Temasek Formation Sdn. said it offered to buy out AIC Corp. (AIC MK), Jotech Holdings Bhd. (JTEC) and AutoV Corp. (AVB MK) for about 696 million ringgit ($235.6 million) as it seeks to merge their businesses to boost earnings, according to a company statement. The companies’ shares were suspended on July 27. AIC last traded at 1.49 ringgit, Jotech at 15.5 sen and AutoV at 2 ringgit.
Ecofirst Consolidated Bhd. (ECOF) : The oil-palm planter and timber group had a profit of 4.2 million ringgit in the fourth quarter ended May 31, compared with a net loss of 21.9 million ringgit a year earlier, as sales surged, according to a stock filing. The shares were unchanged at 15 sen.
HPI Resources Bhd. (HPI) : The manufacturer of corrugated board and packaging products said profit in the fourth quarter ended May 31 fell 13 percent from a year earlier to 6.28 million ringgit, according to a company statement. The stock was unchanged at 4.36 ringgit.
Malaysian Airline System Bhd. (MAS) : The national carrier named Md. Nor Yusof as chairman after Mohamed Munir Abdul Majid quit the company, according to a statement to the stock exchange. The change will take effect today, it said. Md Nor is chairman of CIMB Group Holdings Bhd. The stock fell 0.7 percent to 1.48 ringgit.
Melati Ehsan Holdings Bhd. (MEHB) : The Malaysian construction company said profit in the third quarter ended May 31 tripled from a year earlier to 3.51 million ringgit from a year earlier, according to a company statement. The shares last traded at 89 sen on July 27.
Riverview Rubber Estates Bhd. (RRE) : The rubber and oil- palm grower’s second-quarter net income doubled from a year earlier to 5.52 million ringgit as revenue climbed, it said in a statement, Riverview fell 1 percent to 2.96 ringgit.
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