FBMKLCI 1557.49 DJ-29.44 CRUDE OIL 113.13 RM 2.99

THE local stock market is expected to take a temporary breather this week after the recent solid uptrend. Head of Retail Research, Affin Investment Bank, Dr Nazri Khan said in the near-term, despite the strength shown by the broad market, the FTSE Bursa Malaysia KLCI (FBM KLCI) consolidated between 1,550 and 1,560, given the super gains made by the local and regional markets over the last three weeks.
“We believe the Malaysian equity market has reached an overbought situation after a solid uptrend. A number of sentiment indicators suggest the market is apt for correction,” he told Bernama today.

Major shareholders of Mamee-Double Decker (M) Bhd have proposed to privatise the company from Bursa Malaysia by undergoing a capital reduction and repayment exercise under Section 64 of the Companies Act, 1965. Under the plan, major shareholders of Mamee who control the company would repay RM179.8m or RM4.39 a share to minority shareholders. The controlling shareholders would waive their entitlement from
receiving cash under the capital reduction and repayment exercise. Shares of Mamee are suspended but last traded at RM3.60 a share. The company said in a statement to Bursa Malaysia the proposal for the exercise
was from Tanah Subor SB, which represented the controlling shareholders of the company having 71.9% of the company's shares.

IOI Corp is investing SGD114.77m in a Singapore property company which will develop premium office space, luxury hotel, high-end retail outlets and prestigious city residences along Beach Road in the island republic. IOI Corp said on Friday, 8 April the land, measuring 376,295 sq ft (8.64 acres), had a leasehold tenure of 99 years. IOI Corp said the investment would be via its unit, IOI Consolidated (Singapore) Pte Ltd, which had subscribed for a 49% stake in Singapore’s Scottsdale Properties Pte Ltd for cash consideration of SGD114.77m.

Malaysia Airports Holdings (MAHB) is “seriously” on the lookout to build and manage overseas airports in line with its aspiration to become a global leader in airport investment and management. In its financial year ended 31 Dec 2010 annual report released last week, MAHB chairman Tan Sri Aris Othman said the group was seriously looking at new, yet viable opportunities globally, particularly in Asia.