FBMKLCI 1484.14 DJ-137.74 CRUDE OIL 99 RM 3.005

Oil prices fell sharply Tuesday on deepening fears about Japan's economy after its nuclear crisis worsened following a devastating earthquake and tsunami. Potentially dangerous levels of radiation have been reported leaking from a crippled nuclear complex in the disaster area. More than 10,000 people are thought to have died after the earthquake and tsunami hit Japan on Friday. Investors worried about diminished demand for oil and other products in Japan, the world's third-largest oil importer. However, Wall Street analysts expect that Japan will eventually increase imports of oil, coal and natural gas.

BJToto net profit for the third quarter ended Jan 31, 2011 rose 17.4% to RM114.87 million from RM97.85 million a year ago, driven by an increase in revenue, mainly contributed by Berjaya Philippines Inc. group. BToto declared a third interim single tier exempt dividend of 6 sen per share in respect of the financial year ending April 30, 2011.

Brem's 75%-owned subsidiary Harmony Property Sdn Bhd is acquiring two parcels of industrial land in Petaling Jaya from ROCA Malaysia Sdn Bhd for RM48 million cash as part of its plan to accumulate strategic land bank. Brem said the acquisition represented an opportunity for the group to accumulate strategic land bank at a reasonable price as the PROPERTIES [] are situated in a prime location with positive commercial property development potential within the popular Petaling Jaya area.

GD Express could be in focus after Singapore Post Ltd raised its stake in the company to 27.08% from the initial 4.98%, positioning itself as a strategic investor in the Malaysian express delivery and logistics services provider. Singapore Post on Tuesday acquired 56.84 million shares — representing a 22.1% stake, in GD Express — for a total purchase consideration of RM45.47 million cash or 80 sen a piece.

MALAYSIAN AIRLINE SYSTEM BHD and AIRASIA BHD, meanwhile, could see some selling pressure following HwangDBS Vickers Research lowering its target price for the two stocks on Tuesday. The research house said it expected high oil prices to drag the airlines' earnings.

TAN Sri Vincent Tan Chee Yioun's plan to buy back his company Berjaya Retail Bhd, barely seven months after listing it, has got most people perplexed. Why would someone privatise a company so soon after listing it? If the deal goes through though, this would most likely mark the fastest exit of a listed company from the stock exchange. It isn't entirely clear what the rationale of the privatisation is, although indications are that he could be driven by the “undervaluedness” of his company. In its letter to Berjaya Retail's board, Tan's vehicle undertaking the offer, Premium Merchandise Sdn Bhd, pointed out that both the company's stock and irredeemable convertible preference shares (ICPS) “have not performed well” since their listing. This indicates that Tan may be privatising the company as the market has not valued it sufficiently.