Monday, 7 May 2012

Time active, up on report Khazanah planning to divest stake

KUALA LUMPUR (May 7): TIME ENGINEERING BHD [] (TEB) shares rose and were actively traded on Monday after the Edge, citing sources, reported that it was likely to be among the companies that Khazanah Nasional Bhd will divest.

At 9.25am, TEB rose 3.5 sen to 356.5 sen with 132.63 million shares done.

The Edge Weekly reported that companies linked to Tan Sri Syed Mokhtar are the front runners for the company.

Syed Mokhtar has several companies in the multimedia and communications segment with government contracts. Among them are Puncak Semangat Sdn Bhd that has been awarded a 4G license.

TEB is in a net cash position and has several companies with long term clients. Among them include Dagang Net Sdn Bhd.

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