Bloomberg News

Malaysian Stock Movers: Boustead, Cypark, Malaysian Air, Proton

January 03, 2012

Jan. 3 (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 fell 1.1 percent to 1,513.54. The decline is the most since Nov. 25, snapping a seven-day, 4.5 percent rally.

Boustead Holdings Bhd. (BOUS MK), a plantation, property and heavy industries group, added 2.6 percent to 5.93 ringgit, its highest close since July 13. Its unit MHS Aviation Bhd., which provides air transport services to the oil and gas industry, agreed to buy 16 aircraft for 586.2 million ringgit ($186 million) from DRIR Management Sdn. and DRIR Rotor Sdn., according to a stock-exchange filing.

Cypark Resources Bhd. (CYP MK), an environmental and landscaping services provider, lost 1.4 percent to 1.43 ringgit, the biggest slide since Dec. 16. Fourth-quarter net income fell 22 percent from a year earlier to 4.1 million ringgit, it said in a statement.

Malaysian Airline System Bhd. (MAS MK), the national carrier, jumped 13 percent to 1.47 ringgit, its largest gain since October 2007. The airline hired Hugh Dunleavy of WestJet Airlines to head the carrier’s network, alliance, strategy and planning unit, and Shihaj Kutty to lead revenue management as part of a new management structure, it said in a statement.

Proton Holdings Bhd. (PROH MK), the national carmaker, rose 1.7 percent to 4.90 ringgit, its highest since Dec. 14, 2010. General Motors Co. may buy as much as 50 percent of Proton’s stake in an auto plant in Tanjung Malim for up to 800 million ringgit, the Edge weekly newspaper reported, citing people it didn’t identify. Proton Managing Director Syed Zainal Abidin Syed Mohamed Tahir couldn’t immediately return calls seeking comment.

Proton was also upgraded to “trading buy” from “neutral” at CIMB Group Holdings Bhd., which raised its share- price estimate to 5.45 ringgit from 4.35 ringgit.

--With assistance from Chan Tien Hin in Kuala Lumpur. Editor: Richard Frost

To contact the reporter on this story: Gan Yen Kuan in Kuala Lumpur at ykgan@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net


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