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Proton confident of improving audit score

KUALA LUMPUR: Proton Holdings Bhd is confident of achieving further improvement in its audit score as preparations get underway for the launch of its first SUV, scheduled for year-end.

Lexus Malaysia launches LS 500

KUALA LUMPUR: Lexus Malaysia has officially launched its new LS 500 flagship sedan that comes in three model variants with prices starting from RM799,000.

Flagship car: (from left) Lexus Malaysia president Ravindran K, Takeyama, Lexus LS chief engineer Toshio Asahi and Lexus Malaysia director Justin Kwan during the launch of the Lexus LS 500 flagship sedan

UMW shares take a tumble on cash call announcement

PETALING JAYA: Shares of diversified conglomerate UMW Holdings Bhd tumbled 59 sen or 9% to RM5.90 yesterday after the Main Market company announced a cash call to part-finance the purchase of car maker Perodua.

Analysts expect the rights issue exercise, which could raise up to RM1.1bil cash, to be earnings per share (EPS) accretive for UMW, despite the dilution impact from the additional new shares.  Proceeds raised from the rights issue will be used to finance the recently proposed acquisition of 50.07% stake in MBM Resources as well as the mandatory general offer, if the acquisition materialises

CIMB Research retains Hold for UMW, TP of RM6.70

KUALA LUMPUR: CIMB Equities Research is retaining its Hold and its RM6.70 target price for UMW Holdings, still based on 14 times CY19F price-to-earnings (P/E), which is a 10% premium over its FY09 to FY14 historical mean of 13 times.

Local bourse takes a breather ahead of US inflation report

KUALA LUMPUR: The local bourse pulled back slightly by midday as caution took over global equities ahead of the US inflation report that would shed more light on the pace of US interest rate hikes this year.