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Bertam, Eastern & Oriental, Gamuda: Malaysia Equity Preview

By Chan Tien Hin

March 25 (Bloomberg) -- Shares of the following companies may have unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the previous close, unless stated otherwise.

The FTSE Bursa Malaysia KLCI Index rose 0.1 percent to 1,513.84.

Bertam Alliance Bhd. (BERT MK): The property developer said it agreed to buy land in Cheras, Selangor state for 24.3 million ringgit ($8 million). Bertam will build apartments and shops on the land in a project worth 200 million ringgit in gross development value, the company said in a statement. The stock was unchanged at 66 sen.

Eastern & Oriental Bhd. (EAST MK): The property developer agreed to sell its 28 percent stake in Fututech Bhd. (FUT MK), a lighting products supplier, for 8.78 million ringgit. The sale will allow Eastern & Oriental to “redeploy its resources into its higher-yielding core businesses,” the company said in a statement. Eastern & Oriental fell 0.8 percent to 1.19 ringgit before it was suspended. Fututech gained 2 percent to 51 sen before the stock’s trading halt.

Gamuda Bhd. (GAM MK): The construction and property group said profit in the second quarter ended Jan. 31 rose 20 percent from a year earlier to 94 million ringgit, boosted by contributions from all its divisions, according to a company statement. The stock added 1.6 percent to 3.79 ringgit.

IRM Group Bhd. (IRMG MK): The manufacturer of polyvinyl chloride resins, sheeting and pipes said it signed an agreement with Perbadanan Kemajuan Negeri Perak to collaborate on the logging, extraction and transport of bamboo in northern Perak state, according to a company statement. IRM last traded little changed at 15 sen on March 21.

Masterskill Education Group Bhd. (MASEG MK): Malaysia’s largest operator of non-government nursing colleges said its college in Cheras, Selangor state has received government approval for a doctorate program in medical and health science that will contribute “positively” to earnings, it said in a statement. The shares added 0.6 percent to 1.84 ringgit.

Ramunia Holdings Bhd. (RH MK): The oil and gas services provider said profit in the first quarter ended Jan. 31 dropped 68 percent from a year earlier to 1.1 million ringgit after sales slid, according to a company statement. Ramunia lost 1.7 percent to 59 sen.

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