Friday, April 8, 2011

Melewar Industrial at more than 2-yr high, rides on MAAH price surge

KUALA LUMPUR: Shares of MELEWAR INDUSTRIAL GROUP BHD [] surged in late afternoon trade on Friday, April 7 to a more than two-year high, riding on the price surge of MAA HOLDINGS BHD [].

At 3.32pm, Melewar Industrial was up 24.5 sen to RM1.15 with 20.26 million shares done. MAA Holdings was up 13 sen to RM1.51 with 55.49 million units transacted. Both companies have a common major shareholder in Khyra Legacy Bhd.

The FBM KLCI shed 0.85 point to 1,561.08. Turnover was 1.15 billion shares valued at RM1.34 billion. There were 398 gainers, 383 losers and 298 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.

MAA Holdings shares have surged from last Friday, April 1's close of RM1.03 despite a denial earlier this week over the sale of a 70% stake in Malaysian Assurance Alliance Bhd (MAAB) to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.

On Wednesday, MAA denied the sale but said discussions were still ongoing.

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