The research house said Media Prima posted a net loss of RM132.91mil for its 2QFY17 compared with a net profit of RM27.92mil a year ago, due to a RM142.4mil impairment of its investment in associate Malaysia Newsprint Industries Sdn Bhd.
As for UEM Edgenta, it is selling its 61.2% stake in New Zealand-listed Opus International Consultants Ltd for NZ$1.78 (RM5.57) a share to unlock the value of the seller's stake in Opus.
Guan Chong’s 2QFY17 net profit more than doubled mainly due to lower bean prices and higher net gain on foreign exchange.
JF Apex Research said YFG, a PN17 company, bagged a RM23mil contract to build apartments in Kajang, Selangor. However, it lost the RM245mi sub-contract for PR1MA (1Malaysia People’s Housing) Homes in Pedas, Rembau, Negeri Sembilan.
Asia Knight plans to undertake a share capital reduction and buy a 60% stake in a plastic products producer for RM48mil. It also plans a rights issue with warrants to raise about RM34.9mil to part finance the purchase in a move to regularise its PN17 status.
Overnight on Wall Street, US markets rallied amid easing geopolitical tension between the US and North Korea.
Similarly, European stocks advanced after US officials played down risks of a military conflict with North Korea.
On the local market, the FBM KLCI gained 4.12 points to end at 1,771.08.
“Following the bullish performance in the US and Europe, the FBM KLCI could extend its rebound towards the resistance of 1,800,” it said.
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