KYM,YTL unit shares surge

KYM Holdings Bhd (8362) and YTL e-Solutions Bhd surged yesterday to levels unseen in more than half a decade on speculation that new developments will propel the shares higher in the coming days.

KYM closed up 7 sen to RM1.51 a share, with some 1.2 million shares changing hands, its highest close in well over nine years.

One million KYM shares were traded off-market yesterday at RM1.43 apiece.

A KYM official, speaking on condition of anonymity, told Business Times that the company was working towards an announcement soon on the planned purchase by Vale International SA of 13 parcels of land in Perak for RM93.76 million.
KYM executive chairman Datuk Dr Isahak Yeop Mohd Shar was reported to have said last month that the company was having "intense discussions" with Vale, the world's largest producer of iron ore and pellets, on the contracts it hopes to secure from Vale.

KYM has been targeting about 10 per cent of the RM9 billion worth of jobs that Vale will eventually place out to build a storage depot and a sea terminal in Manjung, Perak.

YTL e-Solutions, which is listed on the ACE market, closed 10 sen higher at RM1.07 a share, its strongest close in more than six years.

Part of the share price jump was due to anticipation that the company plans to launch some WiMAX (Worldwide Interoperability for Microwave Access) related telephony and online media services in the Klang Valley by the middle of next month.

There has also been speculation that the company could be a beneficiary of government grants for the WiMAX and mobile telephony service provider sector.

By Francis Fernandez
Business Times