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: Malaysian Resources Corp Bhd ( KL:MRCB ) will take full control of the RM21 billion Bukit Jalil Sentral project after acquiring the Employees Provident Fund’s (EPF) 80% stake for RM1.58 billion , with potential plans to explore data centre development on the site. Transaction Details MRCB’s wholly owned unit Rukun Juang Sdn Bhd is acquiring EPF subsidiary Tanjung Wibawa Sdn Bhd’s (TWSB) 80% stake in Bukit Jalil Sentral Property Sdn Bhd (BJSP) . The deal involves 1.13 billion Class A preference shares , giving MRCB full control of the project land. Purchase price: RM1.58 billion cash Net asset value: RM1.4 billion EPF’s investment cost: RM1.14 billion Shareholders advances: RM69.21 million, which Rukun Juang may also assume The acquisition is a related-party transaction as EPF holds about 36% of MRCB . AmInvestment Bank Bhd has been appointed as the principal adviser. Financial I...