Censof rises on Time's stake purchase
Shares of Censof Holdings Bhd rose as much as five per cent after the financial management software maker announced it won the bid to buy Malaysia state investor Khazanah Nasional Bhd’s entire stake in Time Engineering Bhd for RM69.8 million.
The shares later dropped 2.06 per cent to 47.5 sen at 11.46am in Kuala Lumpur, while the benchmark key index slipped 0.35 per cent. Shares of Time, an information technology firm, fell 3.57 per cent to 27 sen a share at 11.47am.
Raising its rating on the stock to 'outperform' from 'market perform' previously, Kenanga Research said the enlarged Censof’s forecast net profit for 2014 would increase to RM22.2 million from RM15.4 million based on existing activities should the proposed acquisition be concluded by year-end.-- Reuters