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.
Pentamaster Corp Bhd has announced plans to privatise its 63.9%-owned Hong Kong-listed Pentamaster International Ltd (PIL) in collaboration with Puga Holdings Ltd , raising Pentamaster’s stake to 71% . The announcement confirms The Edge Malaysia’s Dec 9 report , which speculated on this move. Key Details of the Privatisation Exercise Acquisition Breakdown Pentamaster and Puga Holdings Ltd will acquire additional stakes of 7.1% and 29% , respectively, in PIL at HK$0.93 per share (RM0.54) . The offer represents a 16.25% premium over PIL’s last traded price of HK$0.80 (RM0.46) before its trading suspension on Dec 4. Special Dividend and Share Cancellation PIL will issue a special dividend of HK$0.07 per share (RM0.04) , amounting to HK$168 million , to its shareholders. Minority shareholders will receive a total of HK$1 per share upon exiting, following the cancella...