Friday, April 8, 2011

#Update* Price surge in Melewar, Mycron, riding on MAAH

KUALA LUMPUR: Shares of MELEWAR INDUSTRIAL GROUP BHD [], Mycron have surged to multi-year highs in late afternoon trade on Friday, April 7, riding on the price surge of MAA HOLDINGS BHD [].

At 3.59pm, Melewar Industrial was up 30.5 sen to RM1.21, Mycron 22.5 sen to 88.5 sen and MAA Holdings 14 sen to RM1.52.

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 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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