Malaysia Stocks: Lion, Mah Sing Group, Pulai, Scomi Engineering

Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the 5 p.m. local-time close in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 3.16, or 0.2 percent, to 1,554.85.

Lion Group: Shares of companies controlled by the Lion Group rose after China Steel Corp. offered to buy the Malaysian group’s steel business, according to two people with knowledge of the matter. Lion Industries Corp. (LLB MK) rose 6.6 percent to 1.77 ringgit, the most since June 22. Lion Corp. (LION MK), the single-biggest shareholder of Lion Industries, added 5.4 percent to 29 sen. Lion Diversified Holdings Bhd. (LDHB) , which owns a stake in Lion Corp., gained 4.8 percent to 55 sen.

A Lion Group spokeswoman referred questions about the sale of steel assets to a June 23 statement from the company that said it is in “strategic talks with potential partners.”

Mah Sing Group Bhd. (MSGB) , a property group, advanced 1.7 percent to 2.44 ringgit, its highest close since July 22, after forming a joint venture with Asie Sdn. to develop a residential project in Kuala Lumpur valued at 900 million ringgit ($304 million).

Pulai Springs Bhd. (PSB) , a hotel operator and developer, jumped 27 percent to 1.14 ringgit, the highest level since Jan. 30, 2009. Pulai received a buyout offer at 1.18 ringgit a share from Swift Redeem Sdn., which owns 32 percent of the company, it said in a statement.

Scomi Engineering Bhd. (SEB) rose 5.5 percent to 86 sen, the most since June 6. The engineering group and its partners signed an agreement with the Sao Paulo Metropolitan Co. to build a monorail system in Brazil, according to a company statement.

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

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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