Stock on the Move: MUI

Tan Sri Khoo Kay Peng

KUALA LUMPUR: Malayan United Industries Bhd (MUI) was among the most traded stocks at midday on Tuesday on speculation the company, which is the flagship of Tan Sri Khoo Kay Peng might see some monetisation of its assets.

At 12.30pm, MUI was up 3.5 sen or 18.4% to 22.5 sen. More than 102 million shares had changed hands so far, making it the second most traded counter today after Priceworth International Bhd.

MUI has global businesses in retail, hotels, food and confectionery, financial services and properties.

The 78-year-old Khoo, who, controls among others, the UK’s  Laura Ashley group and a string of  Corus hotels here and abroad was recently ordered by a British court to pay £64mil (RM352.56mil) to his ex- wife as settlement for their divorce which was a long drawn-out process.

The  divorce settlement should be “in the form of both cash and property”, it has been reported.

Traders said speculators may be buying in on expectations there might be some liquidation of the group’s assets under the settlement.

Also, the rumour mill has it there is a possible change of guards at the business empire. 

“Nothing is substantiated but all these are driving the movement of the stock at the moment,” says a trader.