Wednesday, September 15, 2010

Jerneh down on resumption of trading

KUALA LUMPUR: Shares of JERNEH ASIA BHD [] fell in early trade on profit taking on Wednesday, Sept 15 when it resumed trading after announcing the disposal of its 80% stake in its insurance arm Jerneh Insurance Bhd.

At 9.05am, it was down 16 sen to RM3.12 with 1.13 million shares done. Jerneh-WA fell four sen to RM1.72.

The FBM KLCI was down 0.8 of a point to 1,473.64. Turnover was 28.78 million shares valued at RM29 million. There were 95 gainers, 54 losers and 92 stocks unchanged while 1,499 counters were unchanged.

The Edge FinancialDaily reported that Jerneh Asia is set to become an even more cash-rich company, as it may pocket RM523.2 million cash from the proposed disposal Jerneh Insurance to ACE INA International Holdings.

Paramount also disposed of its 20% stake in Jerneh Insurance to ACE INA. Paramount rose 10 sen to RM4.24 with 69,200 shares done.

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