IJM Plantations Bhd, the palm oil producer controlled by IJM Corp, fell 3.5 per cent to RM2.51, the most since April 28, on concern a planned RM336.6 million rights offer will dilute earnings.
The Selangor, Malaysia-based company said late yesterday it will sell 160.3 million new shares at RM2.10 each, swelling its outstanding stock by 25 per cent.
Leader Universal Holdings Bhd, Southeast Asia’s biggest maker of cables and wires, rose 11.5 per cent to 72.5 sen, its biggest advance since June 1.
The company agreed to set up a joint venture in Saudi Arabia to expand in the Middle East. The company signed an agreement with Al-Ghazalah Development Co and Suasana Daya Sdn Bhd to create the new company, it said.
UEM Land Holdings Bhd, the developer of Malaysia’s biggest property project, added 3.7 per cent to RM1.42.
UEM Group Bhd, the property and construction group and parent of UEM Land, has been offered construction projects in Vietnam worth several billion US dollars, the Business Times reported, citing Chairman Tan Sri Ahmad Tajuddin Ali.
The company is also considering whether to accept a US$100 million contract to build a bridge in Phnom Penh in Cambodia, a project big enough to require other contractors, the newspaper said. - Bloomberg