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Malaysia Stocks: Alam Maritim, Bandar Raya, Berjaya, Hartalega

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Sept. 20 (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 2.48 points, or 0.2 percent, to 1,410.64, its fourth day of declines.

Alam Maritim Resources Bhd. (AMRB MK), an oil and gas services provider, climbed 3.3 percent to 79 sen, the largest increase since Sept 7. Alam won a 22.1 million ringgit ($7.1 million) contract to supply a vessel to a local oil and gas company, it said in a statement.

Bandar Raya Developments Bhd. (BRD MK), a property group, fell 5.9 percent to 2.24 ringgit, the largest loss since May 31. Its stock rating was cut to “trading buy” from “buy” at OSK Holdings Bhd., which cited uncertainty over a planned sale of property assets. Minority shareholders may deem that the prices offered “undervalued” the prime properties, OSK said in the report.

Berjaya Corp. (BC MK) dropped 1.5 percent to 97.5 sen, the biggest drop since Sept. 14. The property, insurance and gaming group plans to raise as much as 767.5 million ringgit from a rights offer of convertible loan stocks with warrants, it said in a statement.

Hartalega Holdings Bhd. (HART MK) fell 1.4 percent to 5.55 ringgit, the biggest drop since Aug. 5 The glove-maker’s managing director, Kuan Kam Hon, is in talks to buy more shares that will result in him gaining “indirect” control of the company, it said in a statement. Kuan’s proposed acquisition price will not be a premium and he has received an exemption from the Securities Commission from having to make a general offer for the rest of the shares, it said.

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