Bina, SapuraCrest, Sarawak Cable: 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 1.8 percent to 1,496.99.
Bina Darulaman Bhd. (DRLM) : The construction company received a 15.5 million-ringgit ($5.1 million) building contract from the Kedah state government, it said in a statement. Bina dropped 5.2 percent to 1.09 ringgit.
HeiTech Padu Bhd. (HEIT) : The computer services company won a 7.5 million-ringgit contract from the government to provide hospital hardware and software, according to an exchange filing. The stock fell 1.9 percent to 1.04 ringgit.
SapuraCrest Petroleum Bhd. (SCRES) : The oil and gas services provider agreed to buy the marine construction business of Clough Ltd. for A$127 million in cash, according to a company statement. The stock fell 3.9 percent to 4.24 ringgit.
Sarawak Cable Bhd. (SRCB) : The power cables and wires manufacturer agreed to buy the remaining 25 percent of Sarwaja Timur Sdn. that it doesn’t already own for 11 million ringgit. The company will also buy 65 percent of Trenergy Infrastructure Sdn. for 24.5 million ringgit, it said in a statement. Sarwaja is a steel fabrication company and Trenergy is a builder of power transmission lines, according to the statement. The acquisitions will be paid in new shares, it said. The stock last traded at 2.10 ringgit on Aug. 4 before it was suspended.
Y&G Corp. (YGCB MK): The building contractor said it received a letter of demand for 3.8 million ringgit plus interest from lawyers acting for RHB Bank Bhd. This relates to debt held by a former subsidiary, it said in a statement. The stock fell 10 percent to 18 sen.
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