By Chan Tien Hin
July 12 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index rose for a fifth day, adding 2.43, or 0.2 percent, to close at 1,326.74, its highest close since June 23.
Kenmark Industrial Corp. (KIC MK), a furniture maker, dropped 5.6 percent to 8.5 sen, its lowest close since June 1. The company said it has defaulted on outstanding loans of 2.16 million ringgit from RHB Bank Bhd. The default will have a “material” impact on its financial position and operations, it said in a statement to the exchange. Its financial adviser, Ferrier Hodgson MH Sdn., is still assessing the company’s financial position, Kenmark said.
LBS Bina Group Bhd. (LBS MK), a property developer, gained 1 percent to 48.5 sen, its steepest increase since June 21. The company plans a “multi-million ringgit” Islamic bond sale to finance its housing development projects, according to an invitation to a signing ceremony sent by public relations company Rantau PR Sdn. MIMB Investment Bank Bhd. will sign an agreement with LBS Bina on July 13 to be the principal advisor and lead arranger for the Islamic bonds, the invitation said.
Mah Sing Group Bhd. (MSGB MK), a property group, rose 1.8 percent to 1.72 ringgit, the most since July 7, after agreeing to acquire land with a combined gross development value of 1.1 billion ringgit ($340 million).
Time dotCom Bhd. (TDC MK) added 2 percent to 51 sen, its highest close since April 14, after CIMB Investment Bank Bhd. said the Malaysian fiber-optic capacity provider will benefit from the “explosive” growth of the wireless broadband and mobile data market.
UEM Land Holdings Bhd. (ULHB MK), a property developer, climbed 2 percent to 1.55 ringgit, its highest close since June 25. The stock was rated “outperform” in new coverage by Credit Suisse Group AG analyst Amir Hamzah, who said the company, as the largest landowner in the Iskandar development area in the southern state of Johor, is the “best proxy” for improved relations between Malaysia and Singapore. The analyst has a share-price estimate of 2 ringgit.