KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
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 ...