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Malaysia s Boustead Mulling Options for Palm Oil Unit

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Boustead Holdings is said to mull options for palm oil unit

KUALA LUMPUR/SINGAPORE (July 7): Malaysian conglomerate Boustead Holdings Bhd is weighing options for its listed palm oil subsidiary including a sale, people with knowledge of the matter said. The parent of Boustead Plantations Bhd is working with an adviser on the potential options, the people said, asking not to be named as the information is private. A plan could be implemented as soon as in the next few weeks, they said. The holding company, which owns 57.4% of the subsidiary, could sell the unit or lease the plantations to third parties, the people said. Another option is to sell the individual plantations separately, one of the people said.

Bursa dragged lower by extension of lockdown

KUALA LUMPUR (June 28): Bursa Malaysia opened the new week in negative territory as sentiment was affected by the extension of the movement control order 3.0 (MCO 3.0). At 9.05am, the benchmark FBM KLCI had slid 7.88 points to 1,551.80 from last Friday’s close at 1,559.68. The market bellwether opened 2.22 points lower at 1,557.46. The broader market saw losers outpacing gainers 328 to 99, while 241 counters were unchanged, 1,569 untraded and 42 others suspended. Turnover stood at 302.25 million units valued at RM126.49 million.   Malacca Securities said the local bourse may see another round of pullback following the extension of the nationwide lockdown as daily new Covid-19 cases remained above the 4,000 mark.

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