KUALA LUMPUR (Oct 16): OSK Holdings Bhd gained 2.4% while OSK Property Holdings Bhd and PJ Development Holdings Bhd fell on these companies' proposed merger.
 
OSK Holdings, which proposed a take-over offer for OSK Property at RM2 a share, also offered to buy PJ Development for RM1.60 a share.

OSK Holdings also proposed a special cash dividend of 15 sen a share, besides a bonus issue of up to 237.74 million warrants on the basis of one warrant for every four shares held.

At 9.20am, OSK Holdings rose five sen or 2.4% to RM2.13 with 633,100 shares done. The counter was the seventh-largest gainer on Bursa Malaysia.

For comparison, the FBM KLCI fell 0.4% to 1,778.98 points.

OSK Property slumped 24 sen or 10.6% to RM2.03. It was the sixth-largest decliner with 251,700 shares traded.

Its warrants OSKPROP-WC lost 22.5 sen or 18.4% to 99.5 sen to become the fifth-largest decliner.

PJ Development fell five sen or 3% to RM1.62 with some two million shares done. Its warrants PJDEV-WC dropped 16.5 sen or 20.6% to 63.5sen.