#Stocks to Watch* Plantations, Ireka, REDtone, Tiger Synergy and Salcon

KUALA LUMPUR (Nov 12): Based on news and corporate announcements on Monday, stocks to watch on Wednesday after Tuesday’s Deepavali holiday may include plantation stocks; Ireka Corporation Bhd; REDtone International Bhd; Tiger Synergy Bhd; and Salcon Bhd.

On Monday, official data showed Malaysia's palm oil stocks at end-October rose 1.1% from September to a new all-time high of 2.51 million tonne, but this figure was below the 2.7 million tonne levels that analysts were expecting.

According to the Malaysian Palm Oil Board (MPOB), exports rose 16% to 1.76 million tonnes in October while crude palm oil (CPO) production fell 3.3% to 1.94 million tonnes.

Production numbers were also below expectations of about two million tonnes.

Ireka Corp said its wholly-owned unit has accepted a letter appointing it as sub-contractor for a RM65.05 million job linked to the construction of viaduct guideways for the Sungai Buloh to Kajang Mass Rapid Transit line.

The company said Ireka Engineering & Constructions Sdn Bhd received the letter from Persys Sdn Bhd for the package from Bandar Tun Hussein Onn to Taman Mesra.

It expects the contract to contribute positively to earnings for the financial years beyond March 31, 2013.

REDtone said it has been awarded a RM82.5 million three-year contract to build, operate and maintain a radio access network to provide voice and data services in rural parts of Sabah from the Malaysian Communications & Multimedia Commission (MCMC).

REDtone said the project is set to boost the portion government projects contributes to its group data-related revenue from 30% currently.

REDtone CEO Lau Bik Soon said the project "will help to drive the company's revenue and profit, which are on track, for a profitable FY2013 ending May 31, 2013".

Former Proton Holdings Bhd chairman Datuk Seri Mohd Nadzmi Mohd Salleh has raised his stake in Tiger Synergy to 10.72%, from 5.26% just over a week ago.

According to a statement to Bursa Malaysia, Tiger Synergy said Nadzmi-controlled Hayat Maya Sdn Bhd bought 1.5 million Tiger shares at 37 sen a piece on Nov 9, raising his holdings to 34.19 million shares or 10.72%.

Salcon announced that it has agreed to terminate a wastewater concession agreement on a treatment plant in Changzhou, China, entered into in March 2011 where the company has invested RMB62.5 million (RM30.6 million).

The termination — due to the Chinese government's buyback pursuant to a redevelopment plan on the industrial zone — is expected to result in a gain on investment to Salcon of about RM0.4 million, Salcon said in a statement on Monday.

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