Hot Stock YTL Power share, warrant rise on renewed privatisation rumour

Hot Stock YTL Power share, warrant rise on renewed privatisation rumour
Business & Markets 2013
Written by Kamarul Anwar of theedgemalaysia.com
Monday, 22 July 2013 16:40

KUALA LUMPUR (July 22): YTL POWER INTERNATIONAL BHD [] attracted investors’ interests after the mid-day break as rumours of its majority owner Tan Sri Francis Yeoh wants to privatise the utility provider soon resurfaced.

At 4:20 pm, YTL Power’s stock inched up by four sen or 1.72% to RM1.77 with a trade volume of 13.93 million. The counter had a trading range of RM1.71 and RM1.79.

Concurrently, 18.17 million of its YTLPOWR-WB warrants changed hands. The warrant jumped two sen or 3.85% to 54 sen, after trading at a high of 55.5 sen.

Dealers told theedgemalaysia.com that rumours of Yeoh wanting to privatise YTL Power soon have resurfaced recently, which prompted investors to accumulate the shares.

Talk of privatising YTL Power first emerged at the end of last year, after parent YTL Corp Bhd stated that it wanted to privatise its public-listed subsidiaries, which include YTL Power, YTL Land and Development Bhd, YTL E-SOLUTIONS BHD [] and Starhill Real Estate Investment Trust.

Last year, Yeoh took YTL CEMENT BHD [] private.

Last month at Invest Malaysia 2013, Yeoh himself admitted that he is interested to own more of the subsidiaries in his YTL Corp.

He made the remark when a reporter asked about the potential of privatising YTL Power.

“As a shareholder in my subsidiaries, of course I want to own more of them. Their cash flow and profitability are tremendous,” he told reporters.