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Malaysian Shares End in Red Mirroring Regional Jitters

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Malaysian shares closed flat but in the red zone on Tuesday, reversing gains of the previous session.

The FTSE Bursa Malaysia KLCI, the main gauge of Malaysian stocks, shed 0.4 points to end 0.02% lower at 1,714.40.

In corporate news, MN Holdings (KLSE:MNHLDG) unit MN Utilities Engineering said its joint venture with Pembinaan Tajri secured a contract from Tenaga Nasional to install a 275-kilovolt underground cable system to supply power to Intel Penang. Shares gained about 2% on Tuesday's close.

Pioneer Heat's (KLSE:PIONEER) initial public offering drew an overall oversubscription rate of 47.8x, according to a Tuesday filing with Bursa Malaysia. The company received 9,512 applications for 846.5 million shares worth 211.6 million ringgit under the balloting tranche.

Malayan Banking (KLSE:MAYBANK) signed an unconditional share purchase deal to acquire the remaining 30.95% stake in Maybank Ageas from Ageas for 4.83 billion ringgit in cash.

What else is happening in Asia?

Asia

Majestic Dragon Aerotech Appoints Marketing Chief

Majestic Dragon Aerotech (HKG:0918) has appointed Zhang Chen as the company's chief marketing officer, according to a Monday bourse filing.Zhang has over 10 years of experience in real estate development and in managing hotel operations and fire safety systems. His appointment will be effective Dec. 7.

HKG:0918
Asia

HRnetGroup Gets SGX-ST Preliminary Nod for Share Listing

HRnetGroup (SGX:CHZ) has received in-principle approval from the Singapore Exchange Securities Trading (SGX-ST) for the listing and quotation of 241,527 shares to be transferred to certain employees and executive director.The approval is subject to the company complying with SGX-ST listing requirements, including obtaining specific shareholders' approval where applicable, according to a Monday Singapore Exchange filing.The company will make the necessary announcement once the shares are transferred.

SGX:CHZ
Asia

Sequoia Financial Group Ex-Boss Faces 10-Year ASIC Ban From Financial Services Roles

Sequoia Financial Group (ASX:SEQ) former Chief Executive Garry Crole has been banned by the Australian Securities and Investments Commission (ASIC) for 10 years from performing any function involved in carrying on a financial services business as a director or responsible manager, according to a Tuesday statement by ASIC.The regulator said Crole failed to adequately respond to serious concerns about the financial advice model used by former Interprac-authorized representatives, who advised thousands of clients to invest superannuation in the now-collapsed First Guardian and Shield Master Funds.The company did not immediately respond to anemail request for comment.

ASX:SEQ