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Bursa highlights on May 4
* MAA Group Bhd, which became a PN17 company after selling its composite insurance arm Malaysian Assurance Alliance to Zurich Insurance in 2011, has proposed to sell its takaful arm to the same buyer for RM393.75mil (a gain of about RM289.5mil). Subject to the disposal’s completion (which requires shaeholders’ approval), MAA will pay a special dividend of 35 sen per share, or a total of about RM100.8mil. The cash company’s board, which intends to keep its listing status, has until June 30 to submit a regularisation plan. Read more
* Against the current economic backdrop, Fraser & Neave Holdings Bhd managed to achieve outstanding profit growth. The company’s first half-year profit for FY16 was nearly 90% of its annual earnings for FY15. Read more
* R & A Telecommunication Group Bhd has proposed to buy 100% equity interest in Semua Shipping Sdn Bhd, which owns six petroleum tankers that have long term charters with Shell Malaysia, for RM150mil as part of its regularisation plan. It will pay the vendors, including Sumatec Resources Bhd (49%) and Singapore-listed Hoe Leong Corp (49%), by issuing new R&A shares. Last year incubator Asia Bioenergy Technologies Bhd had eyed to buy Semua Shipping and a sister company, but that plan fell through. Read more
* Ceramic pot maker Spring Gallery Bhd, which on Tuesday last week was queried by Bursa Securities for a sharp rise in its share price, on Wednesday was queried on the sharp drop and high trading volume of its shares. Its closing share price surged 83.6% from April 14 to April 26, hitting RM1.23 per share, but has since sunk 47.6% to close at 64.5 sen on Wednesday. More than 40.7 million shares changed hands on Wednesday. Spring Gallery does not know the reason for the steep fall and big volume. Read more
* Health supplement maker Bioalpha Holdings Bhd appears poised to set up a manufacturing facility in Indonesia, having taken a 60% stake in PT Herbal Malindo Makmur. Read more
* Daibochi Plastic and Packaging Industry Bhd recorded a higher net profit of RM6.5mil for its first quarter ended March 31 on the back of stronger export sales. It plans to further grow the sales contribution from its exports. Read more
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