SapuraCrest Petroleum Bhd, IOI Corp, IOI Properties, Astro All Asia Networks and Malayan Banking could see trading interest on March 18 following fresh corporate developments.
SapuraCrest secured a RM3 billion contract for offshore installation at the Gumusut-Kakap Field, which is in deepwaters, 200 km off Sabah. SapuraCrest said on March 17 the contract is for three years, beginning this year.
IOI Corp has secured 89.68% acceptances for the shares in IOI Properties, below the crucial 90% level, forcing the former to extend the takeover offer by 14 days to March 31.
As IOI Corp has decided not to revise the offer, this could force it to find other methods to appease remaining shareholders.It would be interesting how IOI Corp will have to convince these disgruntled shareholders.
Astro may see negative reaction to its shares after posting net losses of RM28.88 million in the fourth quarter ended Jan 31, compared with net losses of RM17.93 million a year ago, due to losses in its Indonesian venture.
However, the losses were reduced compared with the third quarter, according to Astro.
Maybank's shares were given a boost on some light buying by local funds and comments by major shareholder Permodalan Nasional Bhd (PNB).
This enabled the bank to finally snap its 13-days of straight losses when it closed just two sen higher at RM4.02, off the earlier high of RM4.14. PNB as a major shareholder has said it would ensure that Maybank’s rights shares would benefit the group in the long term.
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