8th April - Stocks To Watch MISC, PIE, Gadang, Tekala, LBS and Sunway

Stocks To Watch MISC, PIE, Gadang, Tekala, LBS and Sunway
Business & Markets 2013
Written by Ho Wah Foon of theedgemalaysia.com
Friday, 05 April 2013 20:08


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KUALA LUMPUR (April 5): Amid concerns for election risk and expected market volatility, the stocks that may attract interest on Monday (April 8) could include MISC, PIE, Gadang, Tekala, LBS and Sunway.

MISC BHD [] informed Bursa Malaysia that it has received a revised offer from national oil company Petronas, raising the privatisation price for MISC to RM5.50 from RM5.30 previously.

“The revised offer shall remain open for acceptances up to 5.00 pm (Malaysian Time) on 19 April 2013,” said MISC in its filing late today.

MISC share closed at RM5.46, down 4 sen from yesterday.

PIE Industrial Bhd has proposed a special dividend of 20 sen per share less income tax (at 25%), and a first and final dividend of 12 sen per share less income tax for the financial year ended December 2012.

However, the entitlement date and date of payment of the dividends have yet to be finalised, the company said in a filing to Bursa Malaysia today.

In 2012, the company posted earnings per share of 49.06 sen compared to 58.19 sen in 2011.

GADANG HOLDINGS BHD [] has entered into a memorandum of understanding (MoU) with Cyberview Sdn Bhd to jointly undertake the development of Cyberview's K-Workers Housing Project.

The company said the block of land measuring 121.31 acres has been earmarked for the development, comprising 2,500 residential units and 50 commercial units covering a total development area of 109.31 acres.

The MoU shall be valid for a period of three months from the date of its execution. No gross development value for the project was stated in the filing.

The signing of the MoU will not have any effect on the earnings and net assets of Gadang Group, the company said.

TEKALA CORPORATION BHD [] said its wholly owned unit Offshore Constructor (Labuan) Ltd (OCL) has entered into an agreement with National Marine Dredging Company for the disposal of a 300-men accommodation workbarge for a total of US$29.3 million (about RM90 million).

The proposed disposal is expected to be complete by the second half of 2013.

In a filing with Bursa Malaysia, Tekala said the disposal was a good option to divest the poorly performing operation of OCL and to recoup part of its cost of investment in the vessel.

“Upon completion of the disposal, Tekala and its group of companies will be able to refocus on timber business, which is its core business,” it said in its filing.

According to the filing, OCL had recorded a loss after taxation of RM54.9 million for the financial year ended 31 March 2012, mainly due to the impairment loss on the vessel amounting to RM57.6 million.

The company said the disposal is expected to contribute positively to the future earnings of the Tekala Group for the year to March 2014.

LBS BINA GROUP BHD [] is proposing a first and final gross dividend of 2.5 sen per share for its financial year ended December 31, 2012.

In a filing to Bursa Malaysia, the property developer said the dividend is subject to shareholders’ approval at LBS Bina’s forthcoming 13th AGM.

“The relevant dates of entitlement and payment will be announced at a later date,” said the company.

Sunway Bhd has proposed a rights issue of up to 594.55 million shares at RM1.70 per unit to raise up to RM1.01 billion.

The basis for the rights issue will be one right share for every three existing shares held, it said in an announcement.

The major property group said the proceeds from the rights issue will be used for capital expenditure, land banking and to cut down borrowings.

Sunway shares closed up 10 sen at RM3.16 per unit today.

i gt misc n maybank :D
n sime.........
early morning profit tmrw