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.
Retain HOLD with an unchanged target price (TP) of RM4.65 Highlights Announced an additional private placement of edotco shares to KWAP for US$100m. This is on top of the US$400m primary private placement to INCJ and US$200m secondary placement via divestment to Khazanah, which were announced in Dec 2016. Upon completion, Axiata will remain as the major shareholder with 62.4% stake, while INCJ, Khazanah and KWAP with 21.5%, 10.7% and 5.4% stakes, respectively. This enlarged placement of shares to KWAP is an extension of edotco’s equity private placement process announced earlier and was concluded on the same equity valuation of close to USD1.5bn and an enterprise value to FY16 EBITDA multiple of 12.5x, on par with regional peers. edotco is the 12 th largest tower company globally with presence in Malaysia, Cambodia, Myanmar, Bangladesh, Sri Lanka and Pakistan and is continually assessing opportunities in existing and new markets for growth and expansion. The ...