Renong forced to attempt share swap

Renong hopes to swap its Commerce Asset shares for bonds issued by an associate. Earlier plans to sell the shares were shelved owing to weak demand.

Renong chairman Halim Saad's proposal to swap the company's 12.3% stake in Commerce Asset-Holding CAH to redeem some of the M$8.4 billion zero-coupon bonds issued by its Projek Leburhraya Utara-Selatan PLUS toll-road unit is not a bad plan. CAH, which controls Bumiputra-Commerce Bank, Malaysia's second biggest banking group, is in good shape fundamentally but there exists a lack of demand for its shares.

More precisely, there is a lack of domestic demand and foreign ownership...

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