KUALA LUMPUR: Shares of MMA Holdings'' resumed its upward trend on Monday, April 11, after a one-day mild profit-taking, underpinned by the proposed sale of its insurance unit as investors expect the deal to go though but the pricing could be lower than the estimated RM1.2 billion.
At 11.44am, MAA was up seven sen to RM1.41 with 12.98 million shares done while Melewar Industrial Group added four sen to RM1.17 with 10.71 million units. Mycron rose three sen to 84 sen.
However, the FBM KLCI fell 8.53 points to 1,548.96. Turnover was 625 million shares done valued at RM683 million. There were 191 gainers, 523 losers and 258 stocks unchanged.
MAA Holdings is the parent company of the MAA group of companies and is controlled''by the Melewar Group.
Melewar Industrial posted net profit of RM1.94 million in the second quarter ended Dec 31, 2010 versus RM55.65 million a year ago. Its net assets per share were RM2.31.
Khyra Legacy Bhd owns 38.86% of Melewar Industrial and 34.75% of MAA Holdings and 55.57%of Mycron.
MAA Holdings shares have surged from April 1's close of RM1.03 despite a denial on April 6 over the sale of a 70% stake in Malaysian Assurance Alliance Bhd (MAAB) to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.
Last Wednesday, April 6 MAA denied the sale but said discussions were still ongoing.
At 11.44am, MAA was up seven sen to RM1.41 with 12.98 million shares done while Melewar Industrial Group added four sen to RM1.17 with 10.71 million units. Mycron rose three sen to 84 sen.
However, the FBM KLCI fell 8.53 points to 1,548.96. Turnover was 625 million shares done valued at RM683 million. There were 191 gainers, 523 losers and 258 stocks unchanged.
MAA Holdings is the parent company of the MAA group of companies and is controlled''by the Melewar Group.
Melewar Industrial posted net profit of RM1.94 million in the second quarter ended Dec 31, 2010 versus RM55.65 million a year ago. Its net assets per share were RM2.31.
Khyra Legacy Bhd owns 38.86% of Melewar Industrial and 34.75% of MAA Holdings and 55.57%of Mycron.
MAA Holdings shares have surged from April 1's close of RM1.03 despite a denial on April 6 over the sale of a 70% stake in Malaysian Assurance Alliance Bhd (MAAB) to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.
Last Wednesday, April 6 MAA denied the sale but said discussions were still ongoing.
A very well versed and interesting post.
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