Trading ideas: Malakoff, FGV, Boustead, Magna Prima, Mudajaya, Bintai Kinden


  • Business
  • Friday, 12 Jul 2019

KUALA LUMPUR: Malakoff Corp Bhd, FGV Holdings Bhd, BOUSTEAD HOLDINGS BHD, MAGNA PRIMA BHD, Mudajaya Group and Bintai Kinden Corp Bhd are among the stocks to watch on Friday, according to JF Apex Research.


Malakoff is doubling its effective stake in Malaysian Shoaiba Consortium Sdn Bhd — which owns stakes in power and water plants in Saudi Arabia — by taking over Khazanah Nasional Bhd’s 40% stake in the consortium.


FGV Holdings signed an equity transfer agreement with Grand Industrial Holdings Co Ltd (GIH) to divest its 100% equity interest in FGV China Oils Ltd (FGVCO) for RMB165 million (RM100mil) in cash. 


The proceeds from the proposed disposal will be used for working capital requirements.


Boustead Holdings has aborted its plan to buy multiple pieces of leasehold commercial land totalling 10.74 acres in Bukit Jalil here for RM172.78mil.


Magna Prima is partnering PowerChina Construction Group Ltd to bid for an engineering, procurement and construction (EPC) contract for the third phase of a local project, involving Permodalan Nasional Bhd (PNB).


Mudajaya has proposed to raise up to RM16.6mil through a private placement to repay part of its bank borrowings and to fund its working capital.


Bintai Kinden announced that its unit has secured an underground cable contract worth RM2.08mil from Tenaga Nasional Bhd.


Meanwhile, The Dow Jones Industrial Average rallied to a record high on Thursday, after testimony by Federal Reserve Chair Jerome Powell this week that signaled easier monetary policy could be implemented later this month. 


On the other hand, European stocks closed lower after the IMF called for ECB stimulus as the Eurozone economy faces rising risks stemming from trade tensions, Brexit and Italy.


“Following the positive performance in Wall Street, the FBM KLCI could follow suit with its resistance of 1,730 points,” JF Apex said. 



Malakiff , FGV , Magna Prima

   

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