Stocks To Watch Bina Puri, Westports, HB Global, Astral Supreme, Zhulian
Business & Markets 2014
Written by Chong Jin Hun of theedgemalaysia.com
Friday, 02 May 2014 18:07
KUALA LUMPUR (May 2): Based on Bursa Malaysia announcements and news flow today, stocks to watch this Monday (May 5) may include the following companies:
Bina Puri Holdings Bhd plans to reduce the par value of its shares to 50 sen each from RM1. The move will enable the construction firm to raise funds via new share issuance.
Bina Puri said it intended to undertake a private placement of up to 37.9 million new shares or about 20% of the company's expanded issued base. The firm said it would determine the price of the placement shares later.
"As the company cannot issue new Bina Puri shares below its par value, the lower par value of RM0.50 per Bina Puri share will provide the company with greater flexibility to raise funds and to implement corporate proposals which entail the issuance of new Bina Puri shares closer to the market price," the firm said.
Westports Holdings Bhd reported a 38% rise in first quarter net profit from a year earlier on higher container throughput, and management-fee savings.
Klang, Selangor-based Westports said net profit rose to RM109 million in the quarter ended March 31, 2014 from RM78.8 million. Revenue was higher at RM363.2 million versus RM348.8 million.
Food-based HB Global Ltd and electronic-product manufacturer Astral Supreme Bhd may be closely watched after Bursa Malaysia warned that it would suspend trading of both stocks.
Bursa Malaysia warned HB and Astral Supreme that trading of their shares would be suspended next Friday (May 9) if both companies fail to submit their annual audited accounts by this Thursday (May 8).
HB and Astral Supreme said the exchange regulator's warning came after both firms failed to submit their accounts for financial year ended December 31, 2013 by the official deadline last Wednesday (April 30).
Zhulian Corp Bhd, a multi-level marketing firm and jewellery manufacturer, will trade ex-dividend this Monday. The company has proposed a first interim single- tier dividend of three a share.