KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Blackstone Inc. is exploring options for its majority stake in VFS Global, a visa outsourcing and technology services firm, following interest from prospective investors, according to sources familiar with the matter. The US alternative asset manager has engaged in preliminary discussions with advisers to evaluate either a full or partial sale of its stake in VFS.
A potential transaction could value VFS Global at approximately $7 billion, the sources said, speaking anonymously due to the private nature of the discussions. One of the options being considered is bringing in a minority investor to raise cash and support growth. Sovereign wealth funds are among those interested in investing in the asset.
The deliberations are still at an early stage, and Blackstone could decide not to pursue a deal, the sources added. A representative for Blackstone declined to comment.
Background on VFS Global
VFS Global, headquartered in Zurich and Dubai, offers administrative solutions for processing passport applications and visa consular services to governments. Since its inception in 2001, the company has processed more than 294 million applications and around 141 million biometric enrollments since 2007.
Blackstone acquired a majority stake in VFS from EQT AB for an undisclosed amount in 2022, with EQT AB retaining a minority stake alongside the Kuoni and Hugentobler Foundation.
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