Petronas Dagangan Bhd, controlled by Malaysia’s state oil and gas company, is seeking to acquire assets to strengthen its retail network, according to CIMB Investment Bank Bhd.
The company is debt-free and has a cash-pile of RM1 billion, Norziana Mohd Inon, an analyst at CIMB, wrote in a report today.
The stock’s price estimate may be upgraded, according to the report.
The stock climbed 1 per cent to RM15.76 at 9:30 a.m. local time, set to close at an all-time high. The shares have gained 35 per cent this year, set to be the best performer on the benchmark FTSE Bursa Malaysia KLCI Index. -- Bloomberg
Read more: Petronas Dagangan seeks to buy assets http://www.btimes.com.my/Current_News/BTIMES/articles/20110331092640/Article/index_html#ixzz1IBXcoDZv