IJM Land Bhd, the Malaysian developer, fell 3.5 per cent to RM1.37, the steepest drop since April 28.
The shares fell after the Edge weekly reported that Malaysia’s Employees Provident Fund and the country’s biggest state asset manager, Permodalan Nasional Bhd, may buy a stake in IJM Land at a discount.
The pension fund and Permodalan may buy as much as 18 per cent of IJM Land from its parent, IJM Corp, for less than RM1.30 a share, the newspaper said.
IOI Corp, the second-largest publicly traded palm-oil producer, lost 1.8 per cent to RM4.36, the second- biggest drag on the composite index today.
IOI said fiscal third-quarter profit was almost wiped out after lower prices for the commodity and currency-exchange charges on US dollar debt.
Net income fell 94 per cent to RM37.4 million (US$10 million) in the quarter ended March 31 from RM601.6 million a year earlier. The translation loss on dollar-denominated bonds was RM232.4 million.
Loh & Loh Corp, a Malaysian construction company, rose 3.2 per cent to RM4.48. The company said it’s bidding for contracts valued at a total of RM2 billion, the Malaysian Reserve reported, citing a company director.
Loh & Loh has also been pre-qualified to bid for a job in the Pahang- Selangor water-transfer project in Malaysia, the newspaper said.
Malaysian Resources Corp, the property developer and builder, dropped 4.2 per cent to RM1.15, its lowest close since April 30. The company said first-quarter net income fell to RM153,000
from RM14.7 million a year earlier.
Media Prima Bhd, the Malaysian publisher and broadcaster, declined 4.5 per cent to RM1.28, its steepest slide since April 28.
Media Prima reported a first-quarter loss of RM23.2 million
compared with a profit of RM17.1 million in the same period a year ago.
Managing Director Abdul Rahman Ahmad will step down in August, the company said. - Bloomberg