0225 GMT [Dow Jones] Lityan Holdings (9075.KU) +23.0% at MYR2.14 on heavy volume of 9.84 million shares changing hands on hopes company is close to securing sizable government contract. "There are no details on the contract but people are buying on that expectation," said dealer with local brokerage. Company officials couldn't be immediately reached for comments but Lityan said last Friday eyeing MYR4.0 billion project including slice of Telekom Malaysia's (4863.KU) MYR11.0 billion HSBB (highspeed broadband) project, set for rollout over next 10 years. Lityan, which was re-listed last Friday, regularize its financial condition after internal restructuring exercise, debt restructuring and special issue of 31.5 million new shares to the pilgrim"s fund or Lembaga Tabung Haji. Pilgrim fund now substantial shareholder with 56% stake. Stock also supported by undemanding valuations; dealer notes company trading at less than 10X price earnings; tips immediate resistance at intraday high of MYR2.25.
Dow Jones Newswires
November 01, 2009 21:25 ET (02:25 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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