STEEL bar manufacturer Malaysia Steel Works (KL) Bhd (Masteel), whose stock price has jumped 60% over the past month, is said to be a takeover target of a Bursa Malaysia-listed integrated builder conglomerate, according to market sources. “A locally listed building materials distributor, which has been actively acquiring companies and businesses in recent years, is now eyeing Masteel as its next target,” a source tells The Edge.
Based on corporate announcements and news flow on Friday (Feb 25), companies that may be in focus on Monday (Feb 28) include AMMB Holdings Bhd, Public Bank Bhd, Press Metal Aluminium Holdings Bhd, Sime Darby Property Bhd, Telekom Malaysia Bhd, Pharmaniaga Bhd, BCM Alliance Bhd, Frontken Corp Bhd, IGB Bhd, IOI Properties Group Bhd, Malaysian Pacific Industries Bhd, Malaysia Steel Works (KL) Bhd, MBM Resources Bhd, MyEG Services Bhd, Paramount Corp Bhd, Samchem Holdings Bhd, Serba Dinamik Holdings Bhd, TIME dotCom Bhd, Tropicana Corp Bhd, UMW Holdings Bhd, and Unisem (M) Bhd.
ACCORDING to the Malaysia Steel Institute, an inadequate global supply of raw materials specifically, iron ore and steel scrap because of the Covid-19 pandemic led to a surge in steel prices since the fourth quarter of last year. A recent report by Fitch Solutions Country Risk and Industry Research notes, however, that the iron rally has ended and prices have collapsed as supply of the commodity improved and demand growth slowed.
KUALA LUMPUR (Dec 24): Share prices of Bursa Malaysia-listed steel-related companies including Hiap Teck Venture Bhd and Malaysia Steel Works (KL) Bhd (Masteel) rose in morning trade today among most active stocks on news Malaysia had imposed anti-dumping duties on certain flat-rolled steel products from China, South Korea and Vietnam for five years.
At 9.53am, Hiap Teck had risen 1.5 sen or 3.23% to 48 sen, while Masteel added 4.5 sen or 8.85% to 56.5 sen.
Hiap Teck registered a trading volume of some 48 million shares, while Masteel saw about 45 million shares changing hands.
Yesterday, news reports, quoting Malaysia’s Ministry of International Trade and Industry (MITI), reported that the duties on flat-rolled products of non-alloy steel plated or coated with aluminium and zinc came after an anti-dumping investigation was carried out on behalf of the domestic industry.
Stocks with positive momentum were:
Hume Cement Industries Bhd – up seven sen at RM1.27
Marine & General Bhd – up 12.5 sen at 20 sen
Stocks with negative momentum were:
AYS Ventures Bhd – down half a sen at 31 sen
KPower Bhd – up 48 sen at RM7.03
Lagenda Properties Bhd – up three sen at RM1.21
Leon Fuat Bhd – up one sen at 53.5 sen
Malaysia Steel Works (KL) Bhd (Masteel) – up two sen at 54 sen
Malaysia Smelting Corp Bhd (MSC) – up 13 sen at RM1.23
Mycron Steel Bhd – up one sen at 46.5 sen
Sarawak Consolidated Industries Bhd (SCIB) – up 11 sen at RM6.05
Tashin Holdings Bhd – up 1.5 sen at 39 sen