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.
Key Takeaway: Bumi Armada Bhd and MISC Bhd have signed a memorandum of understanding (MOU) to explore a merger of their offshore businesses, potentially creating a RM20 billion Malaysian energy giant . Bumi Armada Bhd is in early discussions to merge with the offshore business of MISC Bhd, aiming to create a Malaysian-based powerhouse in the energy sector. The proposed merger will focus on combining expertise in offshore floating production to compete in the capital-intensive global market. Under the MOU, both parties have nine months to complete due diligence and sign a definitive agreement. The merged entity would remain listed on Bursa Malaysia and leverage the combined resources and talent pool from both companies. Key Details: Assets: Bumi Armada’s assets are valued at RM11.46 billion , while MISC’s offshore business assets total RM8.65 billion . Capabilities: Bumi Armada owns three FPSO vessels and other assets, while MISC, mainly controlled by Petronas, holds seven FPSO ...