Bursa highlights for Tues, Dec 29

Bursa highlights logo for Star Online (Business).

Bursa highlights on Dec 29

Just five weeks since its listing debut, consumer packaged goods distributor Kim Teck Cheong Consolidated Bhd received its first unusual market activity query from Bursa Malaysia. The Kota Kinabalu-based company, however, is also baffled by the spike in its share price and trading volume this week. Read more

Boustead Holdings Bhd, which is majority (59.71%) owned by the Armed Forces Fund Board (LTAT), is selling its 30% stake in property developer Jendela Hikmat Sdn Bhd (JHSB) to Tan Sri Bustari Yusuf’s investment vehicle, Cascara Sdn Bhd, for RM180mil. Concurrently, LTAT is also selling its 30% direct stake in JHSB to the same buyer for the same price. Cascara, which already owns a 40% stake in JHSB, will end up with 100% of JHSB that owns 577.58 acres in Klang and Kuching, It may be a win-win situation all around, as Boustead says it will make a net gain on disposal of about RM194.46mil. Read more

Berjaya Corp Bhd’s pre-tax profit fell by a third in the second quarter to RM288.9mil, as it felt the full impact of the paring down of its stake in Mazda distributor Berjaya Auto late last year. To add to its woes, Sports Toto Malaysia’s operations contributed less profit due to a higher prize payout and the absorption of GST. Read more

Pavilion Real Estate Investment Trust, which just bought the brand-new Subang Jaya shopping mall called da:men USJ for RM488mil in September, has purchased another fairly young shopping mall -- the three-year-old Intermark Mall in Kuala Lumpur -- for RM160mil. Read more

Kian Joo Can Factory’s carton-making subsidiary Box-Pak (M) Bhd is gradually realising its ambition to be a regional player. Having established two factories in Vietnam, it now sets its sights on a manufacturing plant in emerging Myanmar. Read more

Petaling Tin Bhd has continued to post losses this year. The property developer has resorted to selling five parcels of leasehold land in Ulu Selangor, Selangor, for RM45.59mil to raise funds for working capital. Read more

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