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Malaysia Stocks: Malaysian Genomics, MAA, Oilcorp, QL, UEM Land

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Oct. 5 (Bloomberg) -- Malaysia’s FTSE Bursa Malaysia KLCI Index rose 9.92, or 0.7 percent, to 1,472.19 at the close, its highest level since Sept. 22.

Malaysian Genomics Resource Centre Bhd. (MGRC MK), a bioinformatics services provider, fell 13 percent to 94 sen in its debut on the Kuala Lumpur stock exchange. The company sold shares at 1.08 ringgit apiece in its initial public offering, it said in a statement.

MAA Holdings Bhd. (MAA MK), an insurer, dropped 3.7 percent to 65.5 sen, the most since June 25. The credit rating of MAA’s 200 million-ringgit medium-term notes program was cut three levels to BB3 at RAM Rating Services Bhd. The downgrade reflects the “weakened” business profile of MAA’s Malaysian Assurance Alliance Bhd. unit, RAM said in a statement today.

Oilcorp Bhd. (OILC MK), an oil and gas engineering services provider, slid 50 percent to 2.5 sen, a record low. The company will be delisted from Oct. 14 after it failed to submit a plan to restore its finances, according to a statement to the Kuala Lumpur stock exchange. Trading in the stock will be suspended from Oct. 12, the statement said.

QL Resources Bhd. (QLG MK), a fishmeal producer and oil palm planter, advanced 1.5 percent to 4.75 ringgit, a record high. The company agreed to buy a 40.5 percent stake in Boilermech Sdn., a manufacturer of biomass boilers, for 29.2 million ringgit, in bid to expand its biomass renewable energy business.

UEM Land Holdings Bhd. (ULHB MK), a property developer controlled by UEM Group Bhd., rose 1.3 percent to 2.32 ringgit, its first gain in three days, after MMC Corp. (MMC MK), a builder and power group, said it’s leading a consortium that wants to buy UEM Group.

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: Reinie Booysen at rbooysen@bloomberg.net

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