Dec. 15 (Bloomberg) -- Shares of the following companies had unusual moves in Malaysia trading. Stock symbols are in parentheses and prices are as of the close in Kuala Lumpur.
The FTSE Bursa Malaysia KLCI Index rose 0.1 percent to 1,464.11, snapping a two-day loss. It fell as much as 1 percent earlier today.
Kencana Petroleum Bhd. (KEPB MK), an oil and gas services provider, gained 1.1 percent to 2.82 ringgit, its highest close since Aug. 5. Citigroup Inc. raised its price target and OSK Holdings Bhd. its so-called fair value for the stock after Kencana’s first-quarter net income grew 60 percent to 83.5 million ringgit ($26.2 million), according to the brokerages’ respective reports today.
KFC Holdings (Malaysia) Bhd. (KFC MK), a fast-food restaurant chain operator, surged 11.4 percent to 3.80 ringgit, its steepest increase since Nov. 13, 2007. Its parent QSR Brands Bhd. (QSR MK) climbed 7.3 percent to 6.44 ringgit, its largest gain since Nov. 26, 2010.
Johor Corp. teamed up with CVC Capital Partners Ltd. to bid for the assets and liabilities of KFC and QSR, according to stock exchange filings. Kulim Malaysia Bhd. (KUL MK), QSR’s biggest shareholder, advanced 7.6 percent to 3.97 ringgit, its biggest gain since Nov. 8, 2010.
Proton Holdings Bhd. (PROH MK), the national carmaker, jumped 9.1 percent to 4.55 ringgit, its highest close since Jan. 24. Naza Group, the country’s largest closely held automotive company, may make a competing offer for Khazanah Nasional Bhd.’s 43 percent stake in Proton, Business Times reported today. Naza couldn’t comment, said an official, who can’t be named due to company policy.
Proton is separately is talking to auto retailer Inchcape Plc to capitalize on its overseas distribution network, the Edge Financial Daily newspaper reported today, citing Managing Director Syed Zainal Abidin Syed Mohamed Tahir.
--Editor: Barry Porter
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