• Business
  • Friday, 25 Apr 2003

  • Ocean Capital's share price slumped 43% to close at 14.5 sen yesterday in reaction to news that the company had joined the KLSE's affected issuers list under the PN4 category.On Wednesday, the supermarket and department store operator had announced a major revamp involving the cancellation of its entire paid-up capital and injection of another supermarket chain into the group. Under the plan, Ocean Capital shareholders would get one share in a new company which would eventually assume its listed status in return for every five Ocean Capital shares cancelled. 

  • Tanjong shares closed 10 sen higher at RM9.20 yesterday as investors took refuge in well-managed defensive stocks with a stable income outlook. Analysts said the group's gaming and power generation businesses should provide it with a steady cash-flow to afford progressively higher dividend payments.They said Tanjong's management had indicated plans to return about half its annual profit as dividends to enhance shareholder value over the longer term. 


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