The Star Online: Business

Kulim slips after posting Q4 losses
Market steadier in early trade, UMW, PPB up
Tune Ins lower after stabilisation measures ended

Posted: 27 Feb 2013 06:20 PM PST

Published: Thursday February 28, 2013 MYT 10:21:00 AM

KUALA LUMPUR: Shares of Kulim (M) Bhd fell on Thursday after it reported a net loss of RM1.28bil compared to a net profit of RM120.55mil a year ago for its fourth quarter ended Dec 31, 2012.

At 10.08am, it was down six sen to RM3.51. There were 389,400 shares done at prices ranging from RM3.50 to RM3.58.

The FBM KLCI rose 1.48 points to 1,625.62. Turnover was 180.89 million shares valued at RM134.94mil. There were 177 gainers, 131 losers and 202 counters unchanged.

The losses, compared to a net profit of RM120.55mil a year ago, was due to the impairment losses of its associate and lower crude palm oil (CPO) prices.

Kulim made an impairment loss of RM1.28bil due to an impairment test made on its 49%-owned New Britain Palm Oil Ltd, based on Financial Reporting Standards 136.

Market steadier in early trade, UMW, PPB up

Posted: 27 Feb 2013 06:04 PM PST

Published: Thursday February 28, 2013 MYT 10:04:00 AM

KUALA LUMPUR: Blue chips edged up in early trade on Thursday amid a steadier market, with some buying seen in UMW and PPB Group.

The FBM KLCI rose 2.09 points to 1,626.23. Turnover was 139.63 million shares valued at RM81.64mil. There were 168 gainers, 113 losers and 168 counters unchanged.

PPB Group rose 12 sen to RM12.34 after its posted a stronger set of earnings while UMW gained eight sen to RM12.38 on plans to list its O&G assets.

Dutch Lady was the top gainer, rising RM2 to RM46.40. Ibraco surged 48 sen to RM2.10, DKSH 14 sen to RM2.83 while Perak Corp added 12 sen to RM1.33.

United Plantations fell the most, down 30 sen to RM27.40, EngTex 7.5 sen lower at 82.5 sen while APM, Wing Tai and Ingress lost seven sen each to RM5.26, RM1.85 and RM1.52 respectively.

Tune Ins lower after stabilisation measures ended

Posted: 27 Feb 2013 05:25 PM PST

PETALING JAYA: Tune Ins Holdings Bhd fell four sen yesterday to RM1.30, five sen below its listing price of RM1.35, after the firm's underwriter ended its stabilisation measures for the shares.

Tune Ins was traded at between RM1.29 and RM1.35, with 1.97 million shares changing hands.

RHB Investment Bank Bhd (RHB IB), the principal adviser and underwriter for the company's initial public offering (IPO) on Feb 20, said in a filing with the stock exchange that it had ceased stabilising action for the shares on Tuesday.

"During the stabilising period between Feb 20 and 26, we had undertaken stabilising actions where a total of 31.5 million Tune Ins shares were purchased at a price range of RM1.33 to RM1.35.

"The last purchase was made on Feb 26 at a price of RM1.35," the bank said.

As at Tuesday, RHB IB had acquired some 4.2% of Tune Ins' total share base of 751.8 million shares.

"Thus, we have fully covered the 31.5 million Tune Ins shares that were over-allotted in the IPO of Tune Ins and there is no over-allotment option exercised," RHB IB added.

A greenshoe is a clause contained in the underwriting agreement that allows underwriters to purchase up to an additional 15% of a company's IPO shares at the listing price.

The greenshoe option and the price stabilisation mechanism are used to manage the supply of shares post-IPO, which helps steady fluctuating share prices.

In the case of Tune Ins, the 31.5 million shares represented 15% of the 210.2 million shares put up for sale under the listing.

The shares bought by RHB IB as the stabilising manager are to be returned to the issuer, Tune Money Sdn Bhd, which will have a 56% stake in Tune Ins following the listing.

The IPO raised gross proceeds of RM193.6mil from the sale of 143.4 million new shares, the bulk of which (68.7%) will be used to repay debt.

Kredit: www.thestar.com.my

Rabu, 27 Februari 2013