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Malaysia Stocks: Bandar Raya, Kenmark, LPI Capital, Scomi

By Barry Porter and Anuchit Nguyen

July 9 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index rose for a fourth day, climbing 8.28, or 0.6 percent, to close at 1,324.31.

The measure gained 1.3 percent this week, its fifth weekly gain in six weeks.

Bandar Raya Developments Bhd. (BRD MK), a Malaysian developer, rose 2.4 percent to 1.72 ringgit, the highest close since June 15. The company will replace Dubai World’s Limitless Holdings Pte. as UEM Land Bhd.’s partner for a residential project in the country’s southern Johor state, it said in a regulatory filing.

Kenmark Industrial Corp. (KIC MK), the Malaysian furniture maker, dropped 14 percent to 9 sen, the most in two weeks. The company said in a statement it received a wind-up petition from solicitors of Export-Import Bank of Malaysia Bhd. claiming 16.3 million in debts.

LPI Capital Bhd. (LPI MK), the Malaysian insurer, climbed 3.2 percent to 16.8 ringgit, a record close. The company proposed a one-for-two bonus share issue as well as a rights offer to raise gross proceeds of as much as 97.1 million ringgit for working capital, according to an exchange filing. The company said in a separate statement it will pay an interim dividend of 10 sen per share, down from 26.5 sen a year ago, after reporting a 16 percent rise in second-quarter profit.

Mah Sing Group Bhd. (MSGB MK), a Malaysian developer, fell 3.4 percent to 1.69 baht, the most since May 25. The company acquired three new batches of land for 276.2 million ringgit ($86 million), according to stock exchange filings. The sites have a total gross development value of 1.1 billion ringgit, the company said in a separate statement.

Scomi Marine Bhd. (SMB MK), a Malaysian marine transport company, jumped 6.2 percent to 43 sen before the shares were suspended. The company said in a regulatory filing it will announce a “very substantial” transaction involving the disposal of some subsidiaries.

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