KUALA LUMPUR: Willowglen, IOI Corp, oil and gas services company Enra and Boustead are among the stocks to watch on Wednesday after their corporate news, says JF Apex Research.
New Advent Sdn Bhd, a company owned by the family of Willowglen group managing director Wong Ah Chiew made an unconditional mandatory takeover offer to buy the remaining 45% stake for 80 sen per share.
However, the 80 sen per share cash offer is 40% below the previous day’s closing price of RM1.34.
The research house said IOI Corp could attract interest after selling its 70% stake in IOI Loders Croklaan for nearly RM4bil.
IOI intends to pay out a cash dividend of RM788mil (or 13 sen a share) from the proceeds.
JF Apex Research pointed out Enra’s joint venture with Icon Offshore has secured a technology licence from Petronas.
As for Boustead, it issued RM500mil worth of Islamic Medium Term Notes.
Overnight on Wall Street, US markets closed at record highs led by financial counters after Treasury yields rose, lower damage from Hurricane Irma and comments from Treasury Secretary Steven Mnuchin on tax reform.
Earlier, European bourses climbed except the FTSE as UK's inflation data weighed down on easing concerns on Hurricane Irma and North Korea.
At Bursa, the FBM KLCI surged 7.12 points to end at 1,789.86.
“Following the bullish performance in the US and Europe, the KLCI could extend its uptrend towards the resistance of 1,800,” said JF Apex Research.
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