MUI jumps 5.88%, among top turnover

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KUALA LUMPUR (Sept 29): Malayan United Industries Bhd (MUI) shares were among the top ten most traded shares on Burss Malaysia after The Edge Financial Daily had reported that Datuk Dr Yu Kuan Chon, a noted share investor, had accumulated shares in the company.

At 11:18 am, shares of MUI group rose 1.5 sen or 5.88% to 27 sen with some 25.8 million shares traded.

Lim Sae Wai, technical analyst at RHB Research stated that the short term trading momentum for the stock looks positive.

“It looks like the stock will be resting its key resistance at 28 sen. The short term target price for the share is at 31.5 sen followed by 35 sen,” said Lim.

According to the company’s 2013 annual report, published this year in June, Yu was listed among one of its top 30 share holders with a 44.63 million shares or a 1.53% stake as at April 28, 2014.

Yu’s stake is valued to be at RM11.4 million based on MUI’s share price of 25.5 sen last Friday.

The Edge Financial Daily had also reported that Tan Sri Khoo Kay Peng, chairman of MUI maybe attempting to sell its London-based Corus Hotel Hyde Park for £200 million (RM1.06 billion) to Debutesq Group, a luxury real estate firm.

MUI Industries Bhd has a market capitalization of RM747.80 million.