Esso, Hektar, MSM, Sarawak Cable, YTL: Malaysia Equity Preview
Stock Chart for Petron Malaysia Refining & Marketing Bhd (ESSO)
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 0.3 percent to 1,503.07.
Esso Malaysia Bhd. (ESSO) : San Miguel Corp. agreed to buy Exxon Mobil Corp.’s entire 65 percent stake in Esso Malaysia for about $206 million, or 3.50 ringgit per share, according to a company statement. The acquisition price represents a 29 percent discount to Esso Malaysia’s closing price of 4.95 ringgit yesterday. The stock had jumped 14 percent ahead of the announcement.
Hektar Real Estate Investment Trust (HEKT) : The property trust said second-quarter profit rose 3 percent from a year earlier to 9.4 million ringgit ($3.2 million). Hektar slid 0.8 percent to 1.31 ringgit.
MSM Malaysia Holdings Bhd. (MSM MK): Malaysia’s biggest sugar refiner said second-quarter net income jumped 64 percent to 76.4 million ringgit as a “fair value” gain in derivatives countered a drop in sales, according to a company statement. MSM was unchanged at 5.46 ringgit.
Sarawak Cable Bhd. (SRCB) : The power cables and wires manufacturer agreed to join Sinohydro Corp (M) Sdn. and KEC International Ltd. in submitting a proposal to develop transmission lines in the eastern Malaysian state of Sarawak, according to a company statement. Sarawak Cable rose 4.4 percent to 2.16 ringgit.
YTL Corp. (YTL MK): The construction and utilities group spent 4.15 million ringgit buying back 3 million of its own shares, a filing showed. YTL was unchanged at 1.39 ringgit.
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