Stocks To Watch Glomac, LPI, Plenitude, SerSol, Ancom Logistics

Business & Markets 2013
Written by Chong Jin Hun of   
Tuesday, 08 October 2013 19:24

KUALA LUMPUR (Oct 8): Based on Bursa Malaysia announcements and news flow today, stocks to watch tomorrow (October 9) may include the following companies : 

Property developer GLOMAC BHD [] said its 45.85%-owned associate VIP & Glomac Pty Ltd has concluded the sale of an office building along Lonsdale Street in Melbourne, Australia for A$43.8 million (about RM132 million). 

The buyer is Singapore-based property firm Hiap Hoe Ltd. 

"Glomac intends to focus on the regional property market namely the Malaysian real estate market and divests its investments elsewhere," Glomac said.

LPI CAPITAL BHD [] reported a 27% rise in third quarter net profit from a year earlier on higher income from its general insurance, and investment operations.

Net profit rose to RM60.36 million in the third quarter ended September 30, 2013 (3QFY13) from RM47.63 million. Revenue was higher at RM283.51 million compared to RM256.31 million.

Cumulative nine-month net profit climbed to RM149.05 million from RM119.54 million. Revenue increased to RM824.37 million from RM767.4 million.

PLENITUDE BHD [] plans to reward shareholders with a final single-tier dividend of six sen per share. The property developer's proposed payout is for financial year ended June 30, 2013.

"The payment of the final single-tier dividend is subject to the approval of shareholders at the forthcoming thirteenth annual general meeting of Plenitude Bhd to be held on 31 October 2013," the firm said.

SerSol Bhd said it is unaware of any factors causing the sharp fall in its share price. The industrial chemical manufacturer's statement was in response to Bursa Malaysia's query on the unsual movement in the stock's price.

Over the last one year, SerSol shares had touched an intraday low of 12.5 sen on May 2 this year. The stock had gradually risen to a high of RM1.07 on Sept 25. Today, the stock rose six sen to close at 45.5 sen.

Sersol had on September 25 said Mohd Nazifuddin Mohd Najib who is prime minister Datuk Seri Najib Tun Razak's son, had acquired a 20.76% stake in the industrial chemical producer. 

Ancom Logistics Bhd (ALB) has proposed a combined cash distribution of eight sen a share to shareholders. This comprises a capital repayment and special dividend. 

The cash distribution forms a part of proceeds from the proposed sale of its 100%-owned subsidiary. ALB is selling the entire stake in Sinsenmoh Transportation Pte Ltd to Singapore-based CWT Ltd for S$19 million (RM48.15 million).

ALB said : "The board proposes to declare and pay part of the disposal consideration as a special cash dividend of approximately RM18.9 million on the basis of RM0.04 per ALB share to the entitled shareholders on the entitlement date, which will be determined by the board and announced in due course".

ALB said it also intends to make a capital repayment of four sen a share following a proposed capital reduction in the firm.