Written by Ellina Badri
Wednesday, 14 October 2009 07:36
KUALA LUMPUR: The local stock market could put up a lacklustre performance on Wednesday, Oct 14, as investors focus on the political developments in UMNO, which is holding its General Assembly, and also ahead of the MCA meeting on Thursday.
Overnight, Wall Street did not record significant developments except for Intel, whose quarterly outlook and results shattered expectations, sparking optimism over a tech sector recovery ahead of the holiday season.
The Dow Jones industrial average fell 14.74 points, or 0.15 percent, to end at 9,871.06. The Standard & Poor's 500 Index slipped 3.00 points, or 0.28 percent, to 1,073.19. But the Nasdaq Composite Index inched up just 0.75 of a point, or 0.04 percent, to 2,139.89.
Stocks to watch at Bursa Malaysia include companies in the chip-related companies MPI and Unisem following Intel's stronger earnings, Berjaya Corp Bhd, SILK Holdings and Green Packet.
BCorp is revamping its Hong Kong unit, Berjaya Holdings (HK) Ltd (BHK) by injecting its 90%-owned Cosway (M) Sdn Bhd into BHK for RM900 million. The consideration would be paid via the issuance of 741.17 million new BHK shares, BHK irredeemable convertible unsecured loan stocks amounting to HK1.75 billion and RM44.7 million cash.
Yesterday, Kenanga Investment Bank, in its independent advice to non-interested shareholders of BCorp, said they should vote in favour of the listing of Berjaya Retail. The listing of BRetail involves the injection of Singer and 7-Eleven.
Green Packet's Packet One Networks (Malaysia) Sdn Bhd received the necessary approvals to roll out its P1 W1MAX broadband service in East Malaysia. The services will be rolled out simultaneously in Sabah and Sarawak in 1Q2010, with cities able to enjoy the service as early as 2Q2010.
SILK Holdings Bhd could see heavy trading again today as its status as a Practice Note 17 company will be uplifted today, after it successfully implemented its regularisation plan.
Under the plan, new SILK shares will be listed today following its acquisition of the entire interest in AQL Aman Sdn Bhd, which owns Jasa Merin (Malaysia) Sdn Bhd, a marine support services company in the oil and gas industry.
LEONG HUP HOLDINGS BHD [] is expanding its core businesses via the proposed raising of its stake in PLANTATION [] firm Alam Muhibah Sdn Bhd and the acquisition of a poultry firm Ladang Ternakan Maju Sdn Bhd for a total of RM34.05 million.
In OSK HOLDINGS BHD [], its major shareholder Ong Leong Huat @ Wong Joo Hwa and parties acting-in-concert are seeking an exemption from undertaking a mandatory general offer for the remaining shares not already owned by them upon the conversion of OSK Holdings warrants B 2000/2010.