Key Asian markets are expected to open higher on Tuesday, Sept 21, with investors’ sentiment underpinned by the four-month high closing by the broader S&P 500 on Monday.
On Wall Street, the S&P 500 reflected the investors optimism ahead of a Federal Reserve meeting. According to Reuters, the central bank is expected to renew a promise to keep its portfolio from shrinking but is not seen taking new steps to ease monetary policy.
The Dow Jones industrial average was up 145.77 points, or 1.37%, at 10,753.62. The Standard & Poor's 500 Index was up 17.12 points, or 1.52%, at 1,142.71. The Nasdaq Composite Index was up 40.22 points, or 1.74%, at 2,355.83.
Stocks to watch at Bursa Malaysia include SIME DARBY BHD [], BERJAYA SPORTS TOTO BHD [], KUMPULAN JETSON BHD [], MBf Holdings (MBfH) Bhd and PLUS EXPRESSWAYS BHD [].
Sime Darby Bhd reported that the forensic and legal consultants into four key projects in the energy & utilities division had completed and submitted their reports to the board on Monday.
“The investigations have found evidence to suggest, on a prima facie basis, that there may have been breaches of duties and obligations and inappropriate conduct,” it said.
Sime said the board had resolved to initiate legal proceedings and where appropriate, to lodge reports with the relevant authorities.
A local newspaper reported that former acting group chief executive of Sime Darby Datuk Azhar Abdul Hamid had decided to exit. He was in charge of the conglomerate for the first two months after its group CEO Datuk Seri Ahmad Zubit Murshid was asked to take leave of absence.
Azhar was then redesignated special adviser to acting president and group CEO Datuk Mohd Bakke Salleh in July.
Meanwhile Berjaya Sports Toto Bhd reported a 36% decline in earnings to RM63.95 million in the first quarter ended July 31, 2010, from RM100.45 million a year ago mainly due to the increase in pool betting duty.
Revenue declined to RM835.4 million from RM826.16 million. Earnings per share were 4.78 sen versus 7.97 sen. It declared dividend of 8.0 sen versus 49.5 sen a year ago.
Khazanah Nasional Bhd increased its stake in Axiata Group Bhd to 3.69 billion shares or 43.78% after the acquisition of 16.62 million shares exchanged under exchangeable sukuk.
The Edge FinancialDaily highlights that Kumpulan Jetson Bhd's executive director Chow Chee Kin, who months earlier generated controversy when he raised his stake in the company and raised the possibility of triggering a general offer, has instead seen his shareholding pared due to forced-selling by an investment bank.
The Edge FinancialDaily also reported that PLUS Expressway Bhd, with its partner IDFC Projects Ltd (IP), has won a tender from the National Highway Authority of India (NHAI) to build four lanes of the Jetpur-Somnath Section of the National Highway 8D in Gujarat, India.
MBf Holdings (MBfH) Bhd’s controlling shareholder and CEO Tan Sri Ninian Mogan Lourdenadin raised his stake in the company to 46.02% or 121.99 million shares.
He acquired 666,700 shares at 14 sen each on Sept 14 via Tor Private Limited of Singapore. However, the share price closed at 67.5 sen on that day.
In late April this year, Ninian Mogan’s plan to take the company private was rejected by the shareholders.
It was reported that 67.4% of its shareholders in value who attended the EGM accepted the resolution while the remaining 32.6% voted against the resolution to take the company private through a selective capital repayment (SCR) exercise of 65 sen per share. The resolution needed at least 75% shareholder approval.
Burn-in service company KESM Industries posted net profit of RM4.36 million in the fourth quarter ended July 31, 2010, down 9% from RM4.8 million a year ago due to higher costs.
Revenue rose 35.6% to RM63.73 million from RM47.06 million a year ago. Earnings per share were 10.1 sen versus 11.2 sen a year ago.
For the financial year ended July 31, 2010, net profit rose 20.4% to RM11.74 million from RM9.75 million. Revenue rose 33% to RM225.14 million from RM169.31 million. Earnings per share rose by 20% to 27.3 sen from 22.7 sen.
The Employees Provident Fund (EPF) has hauled Linear Corp Bhd’s unit LCI Global Sdn Bhd to court for outstanding EPF contribution of RM429,853 and dividend of RM28,015
The EPF had taken the legal action over the outstanding EPF contribution of RM429,853.00 for the period of March 2009 to June 2009 and September 2009 to April 2010.
Success Transformer Corporation Bhd plans to purchase an industrial land together with a factory in Bandar Rawang, measuring 24,490 sq metres for RM18.50 million for expanding its operations.
Written by Joseph Chin
The Edge Malaysia
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