Bursa Malaysia Securities has queried Hibiscus Petroleum Bhd over the unusual market activity (UMA) of its shares recently.

“We draw your attention to the sharp increase in price and high volume of your company’s securities recently,” it said.

At 11.33am, Hibiscus was up two sen to 78.5 sen. There were 49.43 million shares done at prices ranging from 78 sen to 84 sen.

Bursa Securities advised investors to take note of the company’s reply to the above UMA query which will be posted at Bursa Malaysia’s website under the company announcements, when making their investment decision.(theedgemalaysia.com)

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At 9:05am, the stock dropped 18.5 sen to 56.6 sen.


Hibiscus Petroleum Bhd, a Malaysian company yet to have an income-generating business, fell 25 per cent in its debut on the Kuala Lumpur stock exchange.

The company which was specifically set up to undertake an initial public offering to raise funds for potential acquisitions of oil and gas companies, sold shares at 75 sen each in its IPO, according to its prospectus. 

( Bloomberg )

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Few stocks are needed to focus on for the Monday stock trading. Which also included Eng Teknologi Bhd,  after its major shareholders announced a RM307 million privatisation exercise.

Meanwhile another stocks that to watch include LATEXX PARTNERS BHD , PINTARAS JAYA BHD , Hibiscus Petroleum Bhd, Pintaras Jaya Bhd, PETRONAS GAS BHD  and also PUBLIC BANK BHD.

Public Bank is scheduled to release its second quarter results on Monday.

Eng Tek’s major shareholders, who own 23.21% of the Penang-based company, have made a takeover offer of the remaining shares in a RM307 million corporate exercise.

TYK Capital Sdn Bhd had offered to acquire the entire business and undertakings (including all the assets and liabilities), for RM2.50 per share.

This is 12 sen above the last trading price of RM2.28. The share price closed 14 sen higher at RM2.28 on Friday.

Latexx, which fell 11 sen to RM2.18 on Friday, with 16.44 million shares traded could continue to see some downside pressure.  The selling was ahead of the company’s announcement of the failed proposed merger again.

YTY Industry Holdings Sdn Bhd had withdrawn its offer to merge its four glove-making subsidiaries unit with Latexx Partners.  YTY had in writing expressed its intention not to continue with the proposed merger estimated at RM1.25 billion.
After an operational due diligence and further assessment on the YTY Group, Latexx had on Thursday presented its findings and indicated its intention to make a further revised offer. However, YTY decided not to go ahead with the merger.
Hibiscus Petroleum – a special purpose acquisition company – will make its debut on Monday. Its public issue of 10 million new shares at 75 sen each made available to the public was oversubscribed 3.8 times.
Pintaras Jaya secured a RM21.5 million contract for the piling and pile caps for a condominium project along Jalan Conlay in Kuala Lumpur.

Work is scheduled to start on Aug 1 and completed in nine months. It expected the contract to contribute positively to the group's future earnings.

Petronas Gas Bhd is reported to be planning a RM1.2 billion fund raising exercise to finance its 300MW gas-fired Kimanis power plant in Sabah.

This would be undertaken though project financing while the rest would be from equity financing. Petronas Gas is said to be looking at Sukuk bonds or a term loans for the 80% of the funding while the remaining 20% would be financed from equity. (theedgemalaysia.com)

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