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Malaysia Stocks: IGB, IOI, Malaysia Building, Malaysia Marine

Feb. 16 (Bloomberg) -- Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as the 5 p.m. close in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI Index rose 0.97, or 0.1 percent, to 1,506.30. The stock market was shut yesterday for a public holiday.

IGB Corp. (IGB MK), a property developer, dropped 7.3 percent to 2.15 ringgit, its steepest slide since March 12, 2009. KrisAssets Holdings Bhd. (KRIS MK) signed a preliminary agreement to buy Mid Valley City Gardens Sdn., owner of the Gardens Mall in Kuala Lumpur, from parent IGB at a price to be determined later. KrisAssets gained 3.9 percent to 4.05 ringgit, the most since Jan. 10.

IOI Corp. (IOI MK), Malaysia’s second-biggest listed palm oil planter, advanced 2.3 percent to 5.71 ringgit, its largest increase since Jan. 4, after second-quarter profit climbed 12.8 percent from a year earlier to 520.2 million ringgit ($171 million).

Malaysia Building Society Bhd. (MBS MK), a mortgage financing provider, rose 6.8 percent to 1.58 ringgit, the most since July 19. The company had a profit of 12.8 million ringgit in the fourth quarter compared with a loss of 9.71 million ringgit a year earlier, it said in a statement.

Malaysia Marine & Heavy Engineering Holdings Bhd. (MMHE MK), the rig-building arm of MISC Bhd., advanced 3.7 percent to 6.44 ringgit, the highest close since Jan. 18. AmResearch Sdn. raised its “fair value” for the stock to 8.10 ringgit from 7.15 ringgit to reflect earnings growth prospects, according to a report today.

Multi-Purpose Holdings Bhd. (MPU MK), a gaming and financial services group, slid 1.5 percent to 2.69 ringgit, the largest drop since Jan. 21. The company said preliminary plans to re-list Magnum Holdings Sdn. has been “placed on hold” for the time being.

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: Darren Boey in Hong Kong at dboey@bloomberg.net

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