Trading ideas: Yinson, 7-Eleven, Pavilion REIT, CIMB, Ecomate, Ho Hup

KUALA LUMPUR: Stocks to watch today based on their latest news include Yinson Holdings Bhd, 7-Eleven Malaysia Holdings Bhd, CIMB Group Holdings Bhd, Pavilion REIT, Ecomate Holdings Bhd and Ho Hup Construction Company Bhd.

New York-based Stonepeak Partners is reportedly in exclusive talks for a buyout of Yinson Holdings Bhd, potentially valuing the firm at up to RM9bil (US$2.1bil), Bloomberg reported, quoting sources familiar with the matter. This could be one of the largest deals in Malaysia this year.

7-Eleven has named Tan Sri Mohd Annuar Zaini as its new independent non-executive chairman, with immediate effect.

CIMB Group, the parent company of CIMB Thai Bank, has no plans to increase the bank’s public shareholding, despite the Thai unit being suspended from trading on June 5 for failing to meet the 15% minimum public shareholding requirement. Under new rules effective March 2024, non-compliance will lead to suspension instead of fines.

Ecomate is acquiring a 60% equity stake in Progressive Computer Systems Sdn Bhd (PCS) for RM8.4mil as part of its strategy to diversify into the information and communications technology sector.

Ho Hup has defaulted on revolving credit facilities totalling RM45.27mil, prompting a legal action by AmBank Islamic Bhd.

Pavilion REIT has raised approximately RM360mil through a private placement. The funds will partly finance its RM480mil acquisition of Banyan Tree Kuala Lumpur and Pavilion Hotel Kuala Lumpur, with the balance covered by bank borrowings.