Bina Puri Holdings Bhd (-ve)
SHARES in Bina Puri Holdings Bhd (valuation: 0.9/3, fundamental: 0.15/3) gained half a sen or 1.1% to close at 46 sen yesterday, with 5.62 million shares done.

Last week, the construction firm announced that its indirect Indonesian unit PT Megapower Makmur Tbk on March 3 reapplied to be listed on the Indonesian Stock Exchange (IDX).

The subsidiary, primarily engaged in micro power generation, had planned to list in August last year, but was unable to do so following the expiry of the preliminary listing agreement it inked with the IDX on May 16 last year.

The listing, which involves a public issue of up to some 30.93% of PT Megapower’s total issued and paid-up share capital, would dilute Bina Puri’s effective stake in the company to 44.2% from 64% currently.

For the financial year ended Dec 31, 2016, Bina Puri’s net profit dropped 69.07% to RM1.04 million from RM3.37 million in FY15, while revenue declined 14.75% to RM1.05 billion from RM1.22 billion.