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AirAsia, Esso, Kretam, Petra Energy: Malaysia Equity Preview

By Chan Tien Hin

June 3 (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 1,558.04.

AirAsia Bhd. (AIRA MK): Tune Air Sdn., the biggest shareholder in AirAsia, sold 55.5 million shares, or a 2 percent stake in the budget airline, according to a stock exchange filing. The sales trimmed Tune Air’s stake to 23.1 percent, it said. The stock fell 1 percent to 2.99 ringgit.

Esso Malaysia Bhd. (ESSO MK): The petroleum products retailer proposed a 300 million-ringgit ($100 million), seven-year Islamic bonds program, the company said in a statement. Esso fell 2.7 percent to 5.10 ringgit.

Gromutual Bhd. (GMUT MK): The property developer and sawmill owner agreed to buy three pieces of land for 13.3 million ringgit, it said in a statement. The stock gained 6.7 percent to 24 sen.

Integrated Logistics Bhd. (ILB MK): The freight forwarder will sell a company which owns land in Shanghai for 29.7 million ringgit, it said in a statement. The money raised will be re-invested in logistics-related projects in China, it said. The stock slid 0.5 percent to 93.5 sen.

Kretam Holdings Bhd. (KHP MK): The palm oil producer offered to buy three Malaysian companies for a total 511.5 million ringgit to expand its cultivation and diversify into the downstream refinery business. Kretam was unchanged at 2.10 ringgit.

Petra Energy Bhd. (PENB MK): The oil and gas services provider signed a preliminary agreement with Labuan Shipyard and Engineering Sdn. to collaborate on projects related to leasing of yards, fabrication works and storage facilities, the company said in a statement. The stock fell 0.7 percent to 1.53 ringgit.

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