Thursday 28 Mar 2024
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KUALA LUMPUR (July 13): Aberdeen Asset Management has almost doubled its stake in United Malacca Bhd, which has declined 16.4% from a high of RM7.45 on July 25 last year to RM6.23 today, via the purchase of 15.42 million shares which represent a 7.4% stake in the oil palm and rubber plantation company.

This share purchase in the palm oil and rubber plantation company raises Scotland-based asset management company Aberdeen Asset Management Plc’s indirect interest to 15.03% or 31.36 million shares as Aberdeen Asset Management is the former's indirect subsidiary, according to United Malacca’s filing today.

United Malacca said the shares were acquired as “an investment position taken in connection with Aberdeen Asset Management Sdn Bhd's (AAMSB) ordinary business in fund management” last Thursday.

United Malacca’s (fundamental: 1.5; valuation: 2) closing price today of RM6.23 is three sen or 0.48% higher than yesterday’s close, which gives it a market capitalisation of RM1.3 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

 

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