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=MALAYSIA NEWS HIGHLIGHTS: Top Stories On Tuesday, August 20

KUALA LUMPUR (Aug 20) -- Here's a roundup of latest news from Malaysia so far on Tuesday:

*Malaysia Hai-O Bets On New Products, Instalment Payments To Lift Sales-Official

Malaysian health supplement-maker Hai-O Enterprise expects new product launches and payment schemes to help lift monthly sales back to near previous average at its key multi-level marketing division despite weak consumer sentiment, its managing director said.

*MARKET BUZZ: Malaysia’s KLCI Higher, Near Term Recovery Likely Modest - Analyst

Malaysia’s KLCI up 0.2% at 1599.06, rebounding from fall in previous three sessions; regional markets mixed. Petronas Gas up 1.5% at MYR16.22, leading index gains. MISC and CIMB Group gain 0.8% each at MYR7.37 and MYR5.08 respectively.

*MARKET BUZZ: Malaysia’s KLCI Seen Moving Sideways; Support At 1581 - TA

Malaysia’s KLCI likely to move sideways as market awaits stronger local catalysts to sustain recovery, analysts say; futures point to slight lower opening after gauge ended 0.2% lower at 1596.45 Monday.


Top Stories On Monday, August 19:

*Utusan Melayu (Malaysia) Faces Delisting Risk After Seventh Quarterly Loss

Newspaper publisher Utusan Melayu (Malaysia) said Monday its shares may be suspended from trading and subsequently delisted as the company was not able to submit a plan to fix its finances after posting seven straight quarters of loss.

*Malaysia's Icon Offshore Plans Share Consolidation, Rights Issue

Icon Offshore, a Malaysian offshore support vessel provider, said Monday it has proposed a slew of corporate exercises including share consolidation and rights issues as part of a debt restructuring plan.

*Malaysia's Guan Chong 2Q Net Profit Surges 42% On-Year On Higher Sales

Malaysian cocoa ingredients maker Guan Chong said Monday net profit rose 42% in the second quarter from a year earlier due to higher sales volume.

*Malaysia's Progressive Impact Corp Gets MYR12.88 Mln Contract

Malaysia’s integrated environmental solutions firm Progressive Impact Corporation said Monday it has won a contract worth 12.88 million ringgit ($3.08 million) from Syarikat Bekalan Air Selangor.

*Gas Malaysia 2Q Net Profit Rises 1.9% On Year To MYR49.01 Mln

Gas Malaysia, a natural gas distribution company, said Monday its net profit in the second quarter increased 1.9% on year due to higher volume of natural gas sold and lower operating expenses.

*Malaysia's Sunway Construction Group 2Q Net Profit Dips 7.2% On Year

Malaysian builder Sunway Construction Group said Monday its second quarter net profit fell 7.2% on year, as substantial completion of a project and a delay in another weighed on construction revenue.

*Malaysia's OSK Signs Joint Development Pact To Bid For Large Scale Solar Plant

Malaysian property developer OSK Holdings said on Monday it has signed a joint development pact with Japan’s Marubeni Corporation to submit bid for large scale solar plant.

*Malaysia's Three-A Resources 2Q Net Profit Up Nearly 18.6% On Year

Three-A Resources, a Malaysian food ingredients maker, said Monday its second quarter net profit grew 18.6% on year, mainly due to higher sales volume and price of products.

*Perusahaan Sadur Timah Malaysia (Perstima) 1Q Net Profit Falls 4.2% On Year

Perusahaan Sadur Timah Malaysia (Perstima), a manufacturer of tin products, said Monday its fiscal first quarter net profit dropped 4.2% on year due to lower sales volume.

*Malaysia's Mintye Controlling Shareholder Seeks Capital Reduction, Repayment

Malaysia’s Mintye, a vehicle disc brake pads maker, said Monday its controlling shareholder Yatee & Sons has requested the company to undertake a selective capital reduction and repayment exercise.

*Malaysia's July New Vehicle Sales Fell 25.7% On Year - Statement

New vehicle sales in Malaysia fell 25.7% in July from a year earlier, a trade group said Monday, while predicting sales to remain steady in August.

*Malaysia FGV Holdings To Conduct Independent Audits On Foreign Labor Hiring Process

Malaysia’s state-run palm oil planter FGV Holdings said Monday it is planning to undertake a comprehensive exercise involving independent audits on the ways it recruits foreign labor.

*Malaysia's Mintye Shares Suspended From Trading Pending Announcement

Malaysia’s Mintye, a vehicle disc brake pads maker, on Monday requested a share trading suspension starting 2.30 pm pending the release of an announcement.

*Malaysia's Hock Seng Lee Gets Contract Worth MYR104.51 Mln

Malaysian construction company Hock Seng Lee said Monday it has received a contract worth 104.51 million ringgit ($25.01 million) for a state road building and pavement from the Public Works Department in Sarawak state.

*Prasarana Malaysia On Track To Achieve MYR800 Mln-MYR900 Mln Revenue In 2019-CEO

Prasarana Malaysia, a state-run transport firm, is on track to achieve 800 million ringgit ($191.93 million)-to-900 million ringgit revenue in 2019, its chief executive officer said Monday.

*MARKET BUZZ: Malaysia's KLCI Down 0.1%; Funds Bargain Hunt Cautiously - Dealer

Malaysia's KLCI down 0.1% at 1596.83 with brief moments in positive zone amid persistent foreign selldown in select index stocks, dealers say.

*Malaysia's MTAG Group Launches MYR108.38 Mln IPO For ACE Market Listing

MTAG Group, a Malaysian labels and stickers printing firm, Monday launched its initial public offering that would raise up to 108.38 million ringgit ($25.97 million) for its listing on ACE Market.

*Malaysia Boilermech Holdings 1Q Net Profit Surges 31% As Deliveries Rise

Malaysian biomass boiler manufacturer Boilermech Holdings said Monday its net profit rose 31% in the fiscal first quarter from a year earlier thanks to an increase in project deliveries and sales orders.

*MARKET BUZZ: Malaysia’s KLCI May Rise; Recovery Likely This Week - TA

Malaysia’s KLCI may rise following Friday’s relief rally in U.S. and European markets; local index ended Friday 0.1% lower at 1599.22.

- By Kuala Lumpur Newsroom;; +60320267363
- Edited by Sayantika Bhowal
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- Copyright (c) 2019 Nikkei NewsRise Asia Pte Ltd.

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© 2019 Nikkei NewsRise Asia Pte Ltd.
All Rights Reserved.