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.
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 ...