Genting, Jasa, KLCC, Sapura Resources: Malaysia Equity Preview

By Chan Tien Hin

Sept. 19 (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.

Malaysia’s FTSE Bursa Malaysia KLCI Index fell 0.5 percent to 1,430.93 on Sept. 15. The market was shut for a holiday on Sept. 16.

Genting Malaysia Bhd. (GENM MK): The casino-operator plans to invest $3 billion to develop a bayfront resort on land currently housing the Miami Herald Media Co.’s headquarters. The project, known as Resorts World Miami, will include hotels, residential towers and a 3.6 acre rooftop lagoon, on land it agreed to buy from Miami Herald publisher McClatchy Co. in May, the company said in a statement. A casino will be included if Florida’s legislature and governor approve, Genting Malaysia said. The stock gained 0.9 percent to 3.36 ringgit.

Jasa Kita Bhd. (JKB MK): The manufacturer of electric motors, power tools and engineering equipment said a fire destroyed its warehouse. Jasa Kita is assessing damage to its customers’ goods, machinery and office equipment, it said in a statement. The stock rose 3.9 percent to 13.5 sen.

KLCC Property Holdings Bhd. (KLCC MK): The Malaysian property developer said its Midciti Resources unit plans to raise as much as 880 million ringgit through an Islamic bond sale. Proceeds will be used to replace existing debt and for working capital, it said in a stock exchange filing. KLCC was unchanged at 3.13 ringgit.

Sapura Resources Bhd. (SRB MK): The automotive, education and property investment group said profit in the second quarter more than tripled from a year earlier to 7.14 million ringgit, according to a company statement. The stock rose 0.6 percent to 82 sen.