CSC Steel, DRB, Engtex, Kencana, UAC: Malaysia Equity Preview
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 (FBMKLCI) Index rose 0.6 percent to 1,540.74 on May 13. The market will be shut tomorrow for a public holiday.
CSC Steel Holdings Bhd. (CSCS) : The Malaysian producer of steel pipes, cold-rolled coils and steel sheets said first- quarter profit dropped 21 percent from a year earlier to 24 million ringgit ($8 million). Lower selling prices hurt the company’s earnings, CSC said in an exchange filing. The stock added 0.6 percent to 1.74 ringgit.
DRB-Hicom Bhd. (DRB) : The automaker, transport services and banking group is considering a possible merger between its Bank Muamalat Malaysia Bhd. unit and Bank Islam Malaysia Bhd., according to a company statement. DRB-Hicom has no intention of selling its stake in Bank Muamalat, it said. DRB added 4.9 percent to 2.36 ringgit. BIMB Holdings Bhd. (BIMB) , which owns Bank Islam, climbed 3.2 percent to 1.61 ringgit.
Engtex Group Bhd. (ENGT) : The pipe-maker agreed to buy 182 acres of land in Selangor state for 44.4 million ringgit, according to a company statement. Engtex plans to develop an integrated industrial park on the land with an estimated gross development value of 166 million ringgit, it said. The stock was unchanged at 88 sen.
China Ouhua Winery Holdings Ltd. (COWH) : The producer and retailer of wine said first-quarter net income fell 12 percent from a year earlier to 18.6 million ringgit. Higher income tax hurt profits, the company said in a statement. Its shares rose 2.1 percent to 49.5 sen.
Kencana Petroleum Bhd. (KEPB) : The oil and gas services provider agreed to buy Allied Marine & Equipment Sdn. for 400 million ringgit, according to a company statement. Kencana will issue shares at 2.68 ringgit each to finance the acquisition, it said. The stock slid 0.4 percent to 2.75 ringgit.
UAC Bhd. (UAC) : The maker of cement products and polyethylene pipes said first-quarter net income dropped 64 percent from a year earlier to 1.85 million ringgit because of lower selling prices and higher cost of production, according to a stock exchange filing. The stock gained 0.3 percent to 3.27 ringgit on May 12.
Yokohama Industries Bhd. (YOKO) : The manufacturer of automobile batteries received an option from Mehran Cycle Industries (Pvt) to buy as much as 49 percent of Mehran Yokohama Batteries (Pvt) in Pakistan, according to a company statement. The stock added 0.7 percent to 73 sen.
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