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Fwd: Ahmad Tajuddin reject TEN offer etc
By Mind Broker
9/9/2000 12:33 pm Sat
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Malaysia Tenaga Says Tajuddin Declines President-CEO Post
KUALA LUMPUR (Dow Jones)--Malaysia's dominant power utility company Tenaga
Nasional Bhd. (P.TNN) Friday said its former Executive Chairman Ahmad Tajuddin Ali has
declined to be the company's president and chief executive. No details were given.
In a brief statement to the Kuala Lumpur Stock Exchange, Tenaga said its board has
confirmed the appointment of Fuad Jaafar as acting president and chief executive.
In addition to being executive chairman, Tajuddin was also Tenaga's president and chief
executive until his term of office expired Aug 31. Tenaga said Tuesday that Tajuddin was
offered the posts on the same terms and conditions of service as before.
Government politician Jamaludin Jarjis replaced Tajudin as Tenaga's chairman effective
Sept. 1, but without executive powers.
Jamaludin's appointment spooked the market, leading to a selldown of Tenaga's shares.
The shares recovered slightly Friday, to close 10 sen or 0.9% higher at 11.60 ringgit
Friday, September 8 6:25 PM SGT
Malaysian Stocks Close Marginally Lower In Weak Market
KUALA LUMPUR (Dow Jones)--Shares ended marginally lower Friday as blue chips
regained early losses while select second liners continued to be sold down in a generally
The Kuala Lumpur Stock Exchange's Composite Index, which tracks 100 blue-chip stocks,
shed 0.5%, or 3.83 points, to end at 739.81 points.
Volume traded was thin at 98.7 million shares, valued at 281 million ringgit ($1=MYR3.80).
Among the most active stocks was Arab-Malaysian Corp.; down 13.5% at MYR1.67 on
volume of 5.8 million shares. The company owns 43% of AMMB Holdings, which is currently
involved in a controversial merger deal with Utama Banking Group.
No details on final shareholding of the merged entity have yet been announced. AMMB
closed 1.3% higher at MYR8.05 while UBG closed 2% lower at MYR1.92.
Maybank closed 0.7% higher at MYR14.50 after sinking to a low of MYR14.00 in late
institutional buying. Public Bank lost 1.4% to close at MYR2.92 as investors took profit on
Tenaga Nasional gained 10 sen to close at MYR11.60 on 1.6 million shares, mainly driven
by local institutional buying, said a dealer.
Caution is being exercised on Tenaga Nasional, the dealer noted, as former Chief Executive
Officer Tajuddin Ali has yet to confirm he is reassuming his post after the expiration of
4-year term contract.
But, a local analyst said Tenaga Nasional is still trading at a discount to its fair value of
MYR14.70 and has significant upside.
After a relatively quiet trading period, buying interest in selective blue chips returned late in
the day, driven primarily by local institutional funds, says a dealer. Otherwise investors were
generally sidelined in the absence of fresh leads.
Decliners led advancers 506 to 156, while 148 shares were unchanged and 189 untraded.
The September futures contract on the Kuala Lumpur Options and Financial Futures
Exchange closed 6.50 points lower at 733.70 points.
Friday Thursday Change