BRDB May Sell Stake In Mieco
Bandar Raya Development Bhd (BRDB) is said to be considering selling its stake in chipboard maker Mieco Chipboard. CEO Jagan Sabapathy was quoted by the Business Times as saying, “We will be happy to re-explore such an opportunity if there are interested parties” BRDB has a 56.8% stake in Mieco and has been wanting to dispose of its stake for the past four years. The disposal would improve BRDB’s operating performance as Meico has been loss making, while at the same time enabling BRDB to focus more on it core competencies property development and investment. Mieco posted a loss of RM36.3m in FY08 and is still in the red for 9M09.

AmResearch Keep Berjaya Sports Toto At Buy
AmResearch kept Berjaya Sports Toto at Buy with unchanged Tp of RM5.00. “Despite potentially disappointing FY10 forecast earnings, we remain positive on Berjaya Toto,” the brokerage said. AmResearch cut FY10 earnings forecast by 7% to account for lower ticket sales growth, but projects FY11 profits to rise 4%. “In light of uncertainties in the market, we believe that Berjaya Toto’s decent dividend yield forecast of 6% each for FY10-11 would provide some assurances.”

Central Bank To Sell RM3.5b Bonds
Bank Negara plans to auction RM3.5bi of September 2017 Malaysian Government Securities on Friday, according to Dow Jones Newswires. The size of the seven-year non-benchmark paper was in line with market expectations. Following the auction, the bonds will be issued on 15 March.