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Tuesday, June 7, 2011

Stocks to watch: Knusford, MBSB, LonBisc, N2N Connect (Edge)

Stocks which could see trading interest on Tuesday, June 7 include KNUSFORD BHD [], MALAYSIA BUILDING SOCIETY BHD [] (MBSB), LONDON BISCUITS BHD [] and N2N CONNECT BHD [] following the recent corporate developments.

Knusford is teaming up with Pembinaan Hamid Abd. Rahman Sdn Bhd to submit prequalification and/or tender for part of the multi-billion ringgit Mass Rapid Transit project in the Klang Valley,

The portion would be the Sungai Buloh to Kajang stretch. Knusford will hold a 40% stake and PHAR 60% in the joint venture company.

Meanwhile, MBSB’s additional 506.42 million new ordinary shares of RM1 each issued pursuant to the rights issue with warrants will be listed on Tuesday. MBSB closed three sen lower at RM1.50 on Monday. MBSB’s 506.42 million warrants issued pursuant to the rights issue will also be listed on Tuesday.

London Biscuits Bhd’s net profit fell sharply to RM804,000 in the third quarter ended March 31, 2011 from RM4.03 million a year ago and the company expected the year to be challenging.

Revenue fell to RM65.10 million from RM50.92 million while earnings per share were 0.84 sen compared with 4.64 sen. “The group’s result is within management’s expectation in view of the impact of the strength of the ringgit and increase in raw material cost,” it said.

For the nine-month period, net profit was RM6.22 million compared with RM11.65 million despite higher revenue at RM183.79 million versus RM152.14 million.

The share price closed 1.5 sen lower at 94.5 sen on Monday.

N2N Connect said it was acquiring an 11-storey office building in Bangsar South for RM36 million cash to be partly used as its office space, and to be let out to tenants.

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