KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
Struggling Chinese developer Logan Group Co has secured a US$1 billion (RM4.45 billion) private loan to aid in its refinancing efforts, significantly improving the prospects for its ongoing restructuring. The loan, arranged by JPMorgan Chase & Co, was signed late Saturday, according to sources familiar with the matter. Key Highlights: Loan Details: Logan Group secured the loan jointly with KWG Group Holdings Ltd. The original HK$10.2 billion (US$1.3 billion or RM5.83 billion) facility was backed by The Corniche, a luxury real estate project in Hong Kong, and was due to mature on Aug 25. Restructuring Path: The new refinancing deal is expected to facilitate Logan's restructuring of its US$8 billion offshore debt. While The Corniche loan itself isn’t part of the restructuring, the ability to refinance this project is seen as crucial to the viability of Logan's overall debt plan. Lenders Involved: Private equity and credit firms Davidson Kempner Capital Management and Dig...