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Glomac, IJM, PPB, Telekom, Axiata: Malaysia Equity Preview

By Chan Tien Hin

Dec. 3 (Bloomberg) -- The following companies may have unusual price changes in Malaysia trading. Stock symbols are in parentheses, and share prices are from the most recent close. Malaysia’s FTSE Bursa Malaysia KLCI Index rose 1.2 percent to 1,503.22.

Glomac Bhd. (GLMC MK): The Malaysian property developer said profit in the second quarter ended Oct. 31 surged 71 percent from a year earlier to 15.9 million ringgit ($5.1 million) as sales gained. Glomac gained 3 percent to 1.70 ringgit.

IJM Corp. (IJM MK): The construction group said its joint venture with Jaks Resources Bhd. (JAK MK) won a 268.5 million ringgit contract to build water pipelines for the Pahang-Selangor Raw Water Transfer Project. IJM gained 5.7 percent to 6.13 ringgit and Jaks climbed 3.7 percent to 70 sen.

Konsortium Transnasional Bhd. (KTN MK): The bus operator said it agreed to sell some of its properties for 8.6 million ringgit. The money raised will be used for its working capital requirements, the company said in a statement. The stock slid 3.5 percent to 14 sen.

PPB Group Bhd. (PEP MK): Wilmar International Ltd. said it agreed to spend 378.1 million ringgit for 55.8 million new shares in FFM Bhd., a flour milling unit of PPB. That’s equivalent to a 20 percent stake in FFM, it said in a statement. PPB added 0.6 percent to 17.70 ringgit.

Telekom Malaysia Bhd. (T MK): The fixed-lined phone operator and Internet services provider said it plans to sell as much as 191.5 million shares, or a 2.27 percent stake in Axiata Group Bhd. (AXIATA MK). The company intends to sell the stake through private placements and on the open market, Telekom said in a statement. Telekom rose 0.3 percent to 3.45 ringgit while Axiata added 2.8 percent to 4.74 ringgit.

YTL Corp. (YTL MK): Malaysia’s biggest builder spent 1.55 million ringgit buying back its own shares. It bought the shares at between 8.13 ringgit and 8.59 ringgit each, a stock exchange filing showed. YTL gained 2.3 percent to 8.38 ringgit.

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