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Malaysia Stock Movers: HPI Resources, Muhibbah, Scomi Marine

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

The FTSE Bursa Malaysia KLCI Index fell 1.95 points, or 0.1 percent, to 1,554.24, its first decline in three days.

HPI Resources Bhd. (HPI MK) climbed 6.4 percent to 4.18 ringgit, its highest close since October 1997. Oji Paper Co., Japan’s biggest maker of paper and forest products, made a cash offer to buy HPI Resources for 4.40 ringgit a share. HPI is a manufacturer of corrugated board and packaging products.

Muhibbah Engineering (M) Bhd. (MUHI MK), a builder, tumbled 20 percent to 1.52 ringgit, the steepest loss since January 1998, after Kenanga Investment Bank Bhd. downgraded the stock amid concerns about potential write-offs from a construction contract. The stock was cut to “hold” from “buy,” Kenanga said in a report today. Muhibbah Managing Director Mac Ngan Boon was away when phoned at his office today.

Scomi Marine Bhd. (SMB MK), a marine transport company, slid 7.8 percent to 41.5 sen, the steepest decline since March 1, 2010. Scomi Marine scrapped the sale of its marine logistics companies to PT Rig Tenders Indonesia and a privately managed fund for $171.8 million. The sale was abandoned because some conditions of the agreement weren’t fulfilled, Scomi Marine said in a statement.

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 at dboey@bloomberg.net

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