Bursa highlights for Wed, March 30

Bursa highlights logo for Star Online (Business).

Bursa highlights on March 30

Sona Petroleum Bhd, a special-purpose company in search of an oil and gas business, adjourned its EGM on Wednesday because its shareholders need more time to understand the effect of the capital repayment of up to RM80mil proposed by the management. The proposed distribution to shareholders is on the condition that Sona finalises the deal to buy the Stag Oilfield offshore in Western Australia. Read more

Poultry player Lay Hong Bhd has entered into a joint-venture with Tokyo-listed NH Foods Ltd to expand overseas, especially to markets with large potential like Singapore and Japan. Read more

Perdana Petroleum Bhd has scrapped its plan to buy at least one of the two 500-men accommodation work barges ordered from Nam Cheong Ltd as there has been no potential charter contract identified to-date. Read more

Malaysia Marine and Heavy Engineering Holdings Bhd, a subsidiary of MISC Bhd, has appointed chief financial officer Wan Mashitah Wan Abdullah Sani as the interim chief executive officer with effect from May 1. Current CEO Datuk Abu Fitri Abdul Jalil will step down as managing director and CEO on April 30. Read more

Dialog Group Bhd, which has a 46% effective interest in the RM5bil Pengerang Independent Deepwater Petroleum Terminal, plans to develop an industrial estate within its deepwater terminal land. Read more

Metal roofing and coated steel product maker YKGI Holdings Bhd, which recently announced its second consecutive year of losses, says its biggest shareholder Marubeni-Itochu Steel Inc (26.78% stake) is not aware of any reason for the surge in YKGI’s trading volume and price except that that the company is considering a par value reduction. From Thursday last week to Tuesday this week, the company’s share price shot up 47% to 28 sen. On Wednesday, it fell one sen to close at 27 sen, with 6.54 million shares being traded. Read more

Poultry and meat processor Saudee Group Bhd’s two-call rights issue with warrants has been oversubscribed by 60.97%. Read more

Roof tile manufacturer ML Global Bhd’s largest shareholder, LBS Bina Group Bhd, has proposed the appointment of UHY to replace the retiring auditor CHI-LLTC. Read more

Track and trace solutions provider SMTrack Bhd has sold off its remaining 31.61% equity interest in Smartag International Inc for US$6,000 (RM23,636) on the over-the-counter market in the US on Tuesday. Read more