MISC: We're not in talks with Bumi Armada

by **Cals** Wed 11 Nov 2015, 22:12

MISC: We're not in talks with Bumi Armada

By Tan Siew Mung / theedgemarkets.com | November 11, 2015 : 3:02 PM MYT

KUALA LUMPUR (Nov 11): [size=16]MISC Bhd ([You must be registered and logged in to see this image.] Valuation: 1.40, Fundamental: 2.30) clarifies today that the group is not in any discussions with Bumi Armada Bhd ( Valuation: 1.20, Fundamental: 0.55) "on any potential transaction".

The company said this via a filing on Bursa Malaysia today, in response to news reports last week and today, the latest of which that said MISC might own 65% of Bumi Armada.

MISC had on Nov 9 said it continuously explored and assessed opportunities and growth prospects, and that should such opportunities materialise and decisions were made to pursue them, they would make the necessary announcements to Bursa Malaysia.

At the time, it was referring to reports that said MISC might sell its floating production storage and offloading business to Bumi Armada in exchange for Bumi Armada shares.

At 2.32pm today, MISC's shares dropped seven sen or 0.76% to RM9.15, after some 1.98 million shares were traded, valuing it at RM40.84 billion.

Its share price had slipped about 0.87% from RM9.23 (Nov 6) since the news reports came out.

Bumi Armada's shares, on the other hand, which were the third most actively traded stock today, were unchanged at RM1.11 after climbing as high as 4.5% to RM1.16 earlier.

Some 4.27 million shares were done. Its current price gives it a market capitalisation of RM6.63 billion.

Its share price has climbed up about 11% from RM1 on Nov 6.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)
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