Malaysia Stock Movers: HPI Resources, RHB Capital, Scomi Marine

Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of 9:44 a.m. in Kuala Lumpur.

The FTSE Bursa Malaysia KLCI (FBMKLCI) Index fell 2.69, or 0.2 percent, to 1,553.50, its first decline in three days.

HPI Resources Bhd. (HPI) climbed 6.6 percent to 4.19 ringgit, set for its highest close since October 1997. Oji Paper Co., Japan’s biggest maker of paper and forest products, made an offer to buy HPI Resources for 4.40 ringgit per share in cash. HPI is a manufacturer of corrugated board and packaging products.

RHB Capital Bhd. (RHBC) rose 1 percent to 9.96 ringgit, set for its highest close since June 3. Abu Dhabi Commercial Bank PJSC is selling its 25 percent stake in the Malaysian banking group at 10.80 ringgit a share, the Star newspaper reported. Abu Dhabi Commercial Bank PJSC will sign an agreement to sell its stake in RHB to Aabar Investments PJSC on June 17, according to a Malaysian government advisory yesterday.

Scomi Marine Bhd. (SMB) , a marine transport company, slid 5.6 percent to 42.5 sen, headed for the lowest close since July 8, 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