Reuters: Hot Stocks: STOCKS NEWS MALAYSIA-KNM shares jump after planned Singapore IPO of German unit

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STOCKS NEWS MALAYSIA-KNM shares jump after planned Singapore IPO of German unit Sep 7th 2012, 01:49 Thu Sep 6, 2012 9:49pm EDT Shares in Malaysian oil and gas services provider KNM Group Bhd jumped as much as 7.5 percent after the firm announced a planned Singapore listing of its German industrial equipment unit Borsig. The stock rose as high as 0.71 ringgit per share as investors said the Singapore listing could help to improve transparency and the proceeds be used to cut debts and fund future expansion. But Affin Investment bank said KNM's valuation of Borsig at 1.8-1.9 billion Malaysian ringgit was highly ambitious and might be difficult to achieve. The investment bank said it was keeping its 'sell' call on KNM and maintaining a target price of 0.50 ringgit per share as the firm's core business is highly competitive and its financial position remains weak. As at end-June 2012, KNM has 176.6 million ringgit in cash versus 773.6 million ringgit of short-term debts and 263.5 million ringgit long term debts, company data showed.

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