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RHB ups Berjaya Sports Toto to 'trading buy'

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RHB ups Berjaya Sports Toto to 'trading buy'

Post by hlk Wed 06 Jun 2012, 13:07

RHB Research raised its call on Malaysian Berjaya Sports Toto Bhd to “trading buy” after the gaming firm said it will list its lottery unit on the Singapore stock exchange.

Berjaya Sports Toto said yesterday it planned to list Sports Toto Malaysia (STM) on the Singapore stock exchange under a RM6 billion (US$1.88 billion) business trust.

“We believe this is positive, as shareholders would potentially receive a distribution of approximately RM667.4 million in cash,” said RHB in a research note.

RHB said risks to the listing are regulatory numbers forecast operator (NFO) industry changes to discourage gambling and a hike in gaming taxes.

As of 9.46am Berjaya Sports Toto shares rose 2.35 per cent against the Malaysian benchmark stock index which rose 0.30 per cent. -- Reuters

hlk: Moderator; Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
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