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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

Nestle shares go through volatile trade

PETALING JAYA: Shares of Nestle (M) Bhd experienced volatile trade with an intraday swing of RM28.80 in its share price to close at RM141 in relative heavy volume for the consumer stock on Bursa Malaysia.

Since its inclusion in the index, Nestle’s stock is up 41.42%. Its rise is among a number of consumer stocks on Bursa Malaysia that has found buying-favour among investors in recent times.

Petronas inks deal to supply LNG for up to 13 years

PETALING JAYA: Petroliam Nasional Bhd (Petronas), through its subsidiary Malaysia LNG Sdn Bhd (MLNG), has signed a heads of agreement (HoA) with Tokyo Gas Co Ltd to supply liquefied natural gas (LNG) for up to 13 years.

Petronas vice-president of LNG marketing and trading Ahmad Adly Alias said Petronas remained committed to delivering reliable supply of LNG through its integrated operations that allow for both long-term and short-term solutions for its customers

Report: IHH Healthcare Bhd planing takeover of India’s Fortis

PETALING JAYA: IHH Healthcare Bhd is reportedly set to launch a takeover bid to buy the non-promoter shares of India’s Fortis Healthcare Ltd within the next few days. IHH, the world’s second largest healthcare group, has roped in investment bank Citi to be the adviser and was preparing a US$1bil war chest to fund the share purchase.

Meanwhile, analysts contacted by StarBiz said IHH’s reported takeover of Fortis was strategic in terms of the former’s expansion in India.

Revamp takes Cathay Pacific closer to profit revival

SINGAPORE: Cathay Pacific Airways Ltd is finally seeing some respite from its earnings woes. Asia’s biggest international carrier reported a surprise profit in the second half of 2017, with a pick-up in cargo and premium-travel demand helping narrow the full-year net loss to HK$1.26bil (US$161mil)

Improved performance: A Cathay Pacific passenger plane prepares to land at Hong Kong’s international airport. The airline recorded profit of HK792mil for the second half. — AFP

Market down on elections?

PETALING JAYA: With the general election just around the corner, the stock market is already reacting ahead of the dissolution of Parliament expected at the end of the month with voting to take place in April