BURSA: Lityan surge

Shares of Lityan Holdings posted sharp gains for a second straight day, lifted by heavy speculation that the revamped firm’s new status as a government-linked company (GLC) would put it in a better position, at least financially, to secure lucrative public contracts. The stock yesterday hit a high of RM2.88 but closed at RM2.70 – up 55% from Friday’s closing of RM1.74. The counter was relisted on Oct 30 at a reference price of RM1 after the completion of its restructuring exercise. Post-restructuring, Lityan is 56% owned by Lembaga Tabung Haji (LTH). Lityan group MD and CEO Nor Badli Mohd Alias told reporters that the company had partnered China’s Huawei to bid for part of Telekom Malaysia’s massive RM11.3bn high speed broadband project.