Bandar, Berjaya, Hartalega, Kimlun: Malaysia Equity Preview
Malaysia’s FTSE Bursa Malaysia KLCI Index (FBMKLCI) fell 1.2 percent to 1,413.12.
Bandar Raya Developments Bhd. (BRD MKK): The property group agreed to sell an office building and malls for a combined 430 million ringgit ($137 million) to Ambang Sehati Sdn., it said in a statement. Bandar Raya will distribute part of the proceeds to shareholders via a cash dividend of 80 sen per share, it said. The shares slid 0.4 percent to 2.38 ringgit.
Berjaya Corp. (BC) : 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. The money raised will be used to repay bank borrowings and fund working capital, it said. Berjaya rose 1.5 percent to 99 sen.
DRB-Hicom Bhd. (DRB) : The automaker, transport services and banking group said its Alam Flora Sdn. unit signed a 22-year concession agreement with the government, giving it the right to undertake the collection of solid waste and public cleansing management services in Pahang state, Kuala Lumpur and Putrajaya. DRB-Hicom advanced 0.5 percent to 1.98 ringgit.
Formis Resources Bhd. (FMRB) : The software company plans to venture into property development with Insas Bhd. and Red Zone Development Sdn. to help bolster earnings, according to a company statement. Formis gained 1.3 percent to 77 sen.
Gamuda Bhd. (GAM) : The Employees Provident Fund, Malaysia’s largest pension fund, bought 1.4 million shares in the construction and property group, a stock exchange filing showed. Gamuda slid 2.5 percent to 2.75 ringgit.
Hartalega Holdings Bhd. (HART) : 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. The stock advanced 0.7 percent to 5.63 ringgit.
Kimlun Corp. (KICB) : The construction company won a 51 million-ringgit contract to build a retail mall in Medini Iskandar, in the southern Johor state, according to a company statement. Kimlun lost 0.8 percent to 1.19 ringgit.
YTL Corp. (YTL) : The Malaysian utilities, cement and property group spent 2.5 million ringgit buying back 1.8 million of its own shares, a stock filing showed. YTL climbed 1.5 percent to 1.38 ringgit.
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