Stocks to watch: Jetson, Techfast, KPJ, UM Land

Written by Loong Tse Min
Friday, 02 October 2009 07:27

KUALA LUMPUR: Investors will have to brace for a gruelling session on Friday, Oct 2 after the Dow and S&P 500 suffered their worst one-day fall in three months as economic reports fuelled fears about the recovery's strength

Key regional markets will likely take their cue from the overnight fall on Wall Street. The Dow Jones industrial average tumbled 2.09% to end at 9,509.28. The broader Standard & Poor's 500 Index slid 2.58% to 1,029.85. The Nasdaq Composite Index lost 3.06% to 2,057.48.

The Institute for Supply Management's index of US factory activity declined in September from August's reading, and although the latest reading still indicated growth, it was sharply below economists' forecast in a Reuters poll.

As for Bursa, the FBM KLCI's 1,200 psychological support level could be tested due to bearish external news.

Stocks to watch for today are KUMPULAN JETSON BHD [] (KJB), TECHFAST HOLDINGS BHD [], KPJ HEALTHCARE BHD [], UM Land and GOH BAN HUAT BHD [],

In Kumpulan Jetson Bhd (KJB), S M Nasarudin and S M Faliq, the sons of Naza group founder, the late Tan Sri Nasimuddin SM Amin, have failed in their conditional takeover bid for Jetson as minority shareholders rejected their RM1 per share offer price for the remaining shares in the company.

Loss making Techfast Holdings Bhd saw former executive director of Rashid Hussain Bhd (RHB) and veteran banker, Chartchai Sae Pusavat, emerging as the single largest shareholder with a 24.4% stake.

Listed on the ACE Market, Techfast other major shareholders are its chairman and managing director Yap Soon Sing with 11.22% and Lembaga Tabung Haji with 7.67%. For more, see today's edition of The Edge FinancialDaily.

KPJ has proposed a 2:1 share split turning existing shares of RM1 each into two shares of 50 sen each. A subsequent one-for-four bonus issue of up to 105.53 million shares as well as an issue of up to 131.91 million free warrants on the basis of one warrant for every share held, will also be made. The exercise is expected to be completed by the first quarter of next year.

UM Land has received shareholders’ approval of a 51:49 joint venture with Tradewinds Johor Sdn Bhd to undertake a RM718 million mixed development project in Pulai, Johor.

UM Land said yesterday the proposed development was estimated to take five years from the completion of the proposed acquisition with a gross development value of RM718 million.

As for Goh Ban Huat Bhd (GBH), the ceramic company announced several changes to its board following the takeover by businessman Tan Sri Robert Tan Hua Choon, who now constrols 82.5% stake.

PLENITUDE BHD [] has announced a first and final dividend of 14 sen per share less tax for the financial year ended June 30, 2009. The dividend is subject to shareholders’ approval at this year’s AGM with the tentative entitlement date of Nov 18, 2009.