The local stock market is expected to remain on tenterhooks in the week beginning Monday, Aug 1 on emerging worries of a potential double-dip global recession.
With just days before the US runs out of cash to pay all of its bills, a deadlock in reaching a consensus on the world’s largest economy’s debt ceiling has just about rattled most global markets.
Furthermore, rating agency Moody's put Spain on review for a possible downgrade on Friday, adding to concerns that a Greek rescue package has done little to halt the spread of Europe's debt crisis.
Given the slew of negative newsflow, trading at the local stock market could remain sluggish and the FBM KLCI could well extend its losses after dropping more than 30 points in July.
Meanhile, stocks that could be in focus on Monday are JOTECH HOLDINGS BHD [], AIC CORPORATION BHD [] and AutoV Corporation Bhd, Chin Teck PLANTATION []s and TASEK CORPORATION BHD [].
Jotech, AIC Corp and AutoV resume trade following Temasek Formation Sdn Bhd (TFSB), a special purpose company, proposing to acquire their entire interests including assets and liabilities for a total of RM696 million.
TFSB, which is owned by Jotech executive chairman Datuk Goh Tian Chuan, will then merge the companies to create a larger entity.
Under the exercise, the company is offering 18 sen for each Jotech share, RM1.80 for each AIC share and RM2.38 per AutoV share.
Based on the above, the proposed swap ratios are three new TFSB shares for every two existing Jotech shares; 15 new TFSB shares for every 1 existing AIC share and 119 new TFSB shares for every six AutoV shares.
Goh last Friday said the merger would create a larger manufacturing group with diverse customer portfolios in a wide range of industries comprising medical and life sciences, automotive industry, the electrical and electronics industry (including the semiconductor industry).
Chin Teck declared a second gross interim dividend 30 sen per share in respect of the financial year ending Aug 31, to be paid on Aug 26.
Its net profit for the third quarter ended May 31, 2011 surged to RM24.18 million from RM10.89 million a year ago. Revenue for the quarter increased to RM45.04 million from RM29.62 million in 2010.
Tasek could see continued interest after it declared a gross interim dividend of 20 sen per share for FY ending Dec 31, 2011 after its net profit for the second quarter ended June 30, 2011 rose to RM24.21 million from RM23.11 million a year earlier.
With just days before the US runs out of cash to pay all of its bills, a deadlock in reaching a consensus on the world’s largest economy’s debt ceiling has just about rattled most global markets.
Furthermore, rating agency Moody's put Spain on review for a possible downgrade on Friday, adding to concerns that a Greek rescue package has done little to halt the spread of Europe's debt crisis.
Given the slew of negative newsflow, trading at the local stock market could remain sluggish and the FBM KLCI could well extend its losses after dropping more than 30 points in July.
Meanhile, stocks that could be in focus on Monday are JOTECH HOLDINGS BHD [], AIC CORPORATION BHD [] and AutoV Corporation Bhd, Chin Teck PLANTATION []s and TASEK CORPORATION BHD [].
Jotech, AIC Corp and AutoV resume trade following Temasek Formation Sdn Bhd (TFSB), a special purpose company, proposing to acquire their entire interests including assets and liabilities for a total of RM696 million.
TFSB, which is owned by Jotech executive chairman Datuk Goh Tian Chuan, will then merge the companies to create a larger entity.
Under the exercise, the company is offering 18 sen for each Jotech share, RM1.80 for each AIC share and RM2.38 per AutoV share.
Based on the above, the proposed swap ratios are three new TFSB shares for every two existing Jotech shares; 15 new TFSB shares for every 1 existing AIC share and 119 new TFSB shares for every six AutoV shares.
Goh last Friday said the merger would create a larger manufacturing group with diverse customer portfolios in a wide range of industries comprising medical and life sciences, automotive industry, the electrical and electronics industry (including the semiconductor industry).
Chin Teck declared a second gross interim dividend 30 sen per share in respect of the financial year ending Aug 31, to be paid on Aug 26.
Its net profit for the third quarter ended May 31, 2011 surged to RM24.18 million from RM10.89 million a year ago. Revenue for the quarter increased to RM45.04 million from RM29.62 million in 2010.
Tasek could see continued interest after it declared a gross interim dividend of 20 sen per share for FY ending Dec 31, 2011 after its net profit for the second quarter ended June 30, 2011 rose to RM24.21 million from RM23.11 million a year earlier.
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