Malaysia Equity Preview - June 29,2010

June 29 (Bloomberg) -- The following companies may have unusual price changes in Malaysia trading. Stock symbols are in parentheses, and share prices are from the most recent close.
Malaysia’s FTSE Bursa Malaysia KLCI Index dropped 0.1 percent to 1,325.54.

Aeon Co. (M) Bhd. (AEON MK): The Malaysian unit of Japanese retailer Aeon Co. said it agreed to buy 17.3 acres of land in Perak state for 27.1 million ringgit ($8.4 million). Aeon plans to build a shopping mall on the site, it said in a statement.
Aeon was unchanged at 4.90 ringgit.

Atlan Holdings Bhd. (ALN MK): The electronics and stamped metal components maker said it’s proposing a reverse takeover of Esmart Holdings Ltd. to give the company greater access to “alternative funding options” in the Singapore market. Atlan will inject two subsidiaries, DFZ Capital Bhd. and Darul Metro Sdn Bhd into Esmart, according to a statement to the Kuala Lumpur Stock Exchange today. Atlan was unchanged at 3.25 ringgit on June 25. DFZ was unchanged at 3.27 ringgit. Both stocks were suspended yesterday.

Kencana Petroleum Bhd. (KEPB MK): The oil and gas services provider said profit in the third quarter ended April 30 dropped
13 percent from a year earlier to 31.2 million ringgit. Kencana was unchanged at 1.47 ringgit.

Malayan Banking Bhd. (MAY MK): The Employees Provident Fund, Malaysia’s largest pension fund, had net sales of 7.7 million shares in Malayan Banking, the nation’s biggest bank, a stock exchange filing showed. The sales, made between June 21 and 22, trimmed the fund’s stake to 10.8 percent, according to the filing. Maybank, as the lender is known, added 0.1 percent to 7.59 ringgit.

UMW Holdings Bhd. (UMWH MK): The vehicle assembler said it viewed losses at its oil and gas division as a “temporary setback” and the company is in the final stages of negotiations to lease its jack-up drilling rigs. UMW doesn’t need to make provisions for the losses, it said in a statement. UMW was unchanged at 6.32 ringgit.

Zelan Bhd. (ZELAN MK): The builder said it sold 9.4 million shares of IJM Corp. (IJM MK) for 45.5 million ringgit or at an average price of 4.85 ringgit a share. Zelan will book a gain of
6.5 million ringgit at the group level from the sale, it said in a statement. The money raised will be used to pare debt, the company said. Zelan gained 1.9 percent to 54 sen. IJM rose 0.4 percent to 4.93 ringgit.